The S&P 500 fell 0.70% to 1,547.86 in afternoon trading Thursday.

The Dow Jones Industrial Average was off 0.63% to 14,420.79, while the Nasdaq was down 0.86% to 3,226.15.

The yield on a 10-year treasury bond fell 0.26% to 1.93%.

The price of gold rose 0.38% to $1,613.60 per ounce.

Shares of Anaheim drug maker Questcor Pharmaceuticals Inc. rose about 3% to $35.30 for a market value of $2.05 billion. The company is up 11.3% so far this week.

Newport Beach patent licensing company Acacia Research Corp. rose about 6% to $30.19, after announcing settlement agreements with Micron Technology Inc. and its subsidiaries. Acacia had a recent market value of $1.34 billion.

Huntington Beach-based Quiksilver Inc. fell about 3% to $6.37, after closing up 2% on Wednesday. The action sports apparel maker had a recent market value of $1.07 billion.

Two local action sports retailers saw their shares down in midday trading Thursday, a day after reporting fourth-quarter results.

Anaheim-based Pacific Sunwear of California Inc. was down about 10% to $2.19 for a market value of $149.52 million. The company saw a net loss of $11.4 million, excluding charges, for the quarter. Analysts on average expected a loss of $10.73 million.

Irvine-based Tilly's Inc. fell 8% to $12.62 on its cautious outlook for the April quarter and full year. The retailer had a recent market value of $349.33 million.