The major averages finished little changed despite an unprecedented round of stimulus from the European Central Bank. The ECB cut each of its three most prominent interest rates and increased the scope of its bond-buying program. The Euro STOXX 600 finished the session 1.5% lower after climbing more than 2% in the immediate aftermath of the announcement. On the domestic data front, initial jobless claims came in at 259,000, which was under the 275,000 predicted by analysts.

Seven out of ten sectors in the S&P 500 finished higher on the session. Materials and Telecom stocks lead the gains while Industrials and Technology stocks underperformed.

In earnings, Dollar General (DG +10.7%) and Party City (PRTY +14.2%) rallied as each retailer exceeded analyst profit expectations. Square Inc. (SQ -6.1%) fell after a wider-than-expected loss in its first quarterly report as a public company.

Treasuries slid lower with the benchmark 10-year note falling 14/32 to yield 1.93%. In commodities, NYMEX WTI crude lost 0.9% to $37.93/barrel. COMEX gold added 1.1% to $1271.60/ounce. In FOREX, the Dollar Index finished 1% lower on the session. The greenback lost 1.8% against the euro to reverse a 1.6% gain earlier in the session.