NEW YORK (CNNMoney)
The Dow Jones industrial average dropped 42 points, or 0.3%. The S&P 500 and Nasdaq also slipped 0.3%.
After a strong start to the year, it's not unusual for stocks to take a breather. Even with the recent slips and slides, the Dow is within 1.7% of its all-time high, hit in October 2007, and the S&P 500 is about 4% shy of its record high, also set in October 2007. And all three indexes are up between 6% and 8% for the year.
Investors continue to pore over economic and corporate reports but have yet to find a big catalyst to start buying again.
Early Thursday, the Labor Department reported that the number of Americans filing for first-time unemployment claims fell by 27,000 to 341,000 in the latest week. Economists were expecting 365,000 claims.
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In earnings news, General Motors (GM, Fortune 500) released quarterly results that missed expectations, but shares edged higher. PepsiCo (PEP, Fortune 500) shares also gained ground after the beverage maker logged better-than-expected earnings.
Cisco (CSCO, Fortune 500) shares declined 2%, dragging on the Dow, after Cisco CEO John Chambers took a cautious tone with his outlook as the company reported earnings roughly in line with forecasts. Shares of Mondelez (MDLZ) sank more than 4% after the food producer logged earnings that missed expectations after the close on Wednesday.
As of Wednesday, 65% of the companies in the S&P 500 that had reported fourth-quarter earnings came in ahead of analysts' expectations, according to S&P Capital IQ. But the bulk of companies that have issued guidance for the first quarter had a negative outlook.
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Thursday also brought a slew of merger news.
Warren Buffett's Berkshire Hathawa (BRKA, Fortune 500)and 3G Capital agreed to buy Hein f (HNZ, Fortune 500)or $28 billion. Shares of the ketchup-maker spiked 20%.
Shares of other food companies also gained traction. Kraft Foods (KRFT) and General Mills (GIS, Fortune 500) gained more than 1% and Campbell Soup (CPB, Fortune 500) added 2.7%.
US Airway (LCC, Fortune 500)and American Airlines parent AM o (AAMRQ, Fortune 500)fficially announced an $11 billion deal to create the world's largest airline. Shares of US Airways dipped.
Shares of Constellation Brands (STZ) surged 30% after Anheuser-Busch InBev (BUD) agreed to give up key assets in an effort to address antitrust issues related to is proposed takeover of Mexican brewer Grupo Modelo.
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U.S. stocks finished mixed Wednesday.
European markets drifted lower in afternoon trading, after weaker-than-expected GDP figures from Germany and France pointed to a deepening recession in the eurozone.
Asian markets ended higher. Hong Kong's Hang Seng added 0.9% as traders returned from an extended holiday.
The Nikkei added 0.5% despite data showing Japan's economy has contracted in each of the three most recent quarters. The weak performance is likely to increase the clamor for more aggressive fiscal and monetary stimulus measures.
The Shanghai exchange was closed for the Lunar New Year holiday.
The dollar rose against the euro and the British pound, but slipped versus the Japanese yen.
Oil and gold prices edged higher.
The price on the 10-year Treasury rose, sending the yield down to 2.03%. 
First Published: February 14, 2013: 9:58 AM ET
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