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NEW YORK (CNNMoney)
The Dow Jones industrial average declined 0.3%, while the S&P 500 and Nasdaq fell 0.4%.
Wednesday and Thursday's combined losses mark the biggest two-day drop in U.S. stocks this year. Stocks are still up between 4% and 6% in 2013, but the S&P 500 is now headed for its first weekly loss of the year, down more than 1% over the past three days. The Dow is headed for its third consecutive weekly decline, while the Nasdaq is poised for its second straight weekly drop.
Investors were disappointed Thursday after a survey of purchasing managers showed Europe's downturn worsened in February. The index has been stuck below 50 for a year, indicating the services sector has been contracting. European markets fell sharply following the data.
Economic news out of the United States was also downbeat. The Philadelphia branch of the Federal Reserve reported a surprise decline in its monthly business outlook survey. The reading fell to -12.5 in January from -5.8 in December. Economists were expecting the index to rise to 1.5.
Initial jobless claims rose to 362,000 last week, coming in higher than economists were expecting.
The National Association of Realtors reported that existing home sales rose 0.4% in January. But the number of homes for sale dropped to the lowest level in more than 13 years, according to the National Association of Realtors.
The Consumer Price Index was unchanged month-over-month in January, and up 1.6% from a year ago. Core CPI, which strips the price of food and energy, increased 0.3% month-over-month in January, and 1.9% from a year earlier.
On the corporate front, Wal-Mart (WMT, Fortune 500) reported earnings that beat forecasts but said sales had softened during the quarter. The retailer also hiked its annual dividend by 18%.
Related: Crunched consumers are cutting back
Tesla (TSLA) shares sank 10% after the electric-car maker posted a wider-than-expected loss for the fourth quarter.
Hewlett-Packard (HPQ, Fortune 500) is up after the closing bell.
Shares of Constellation Brands (STZ) jumped after Anheuser-Busch InBev (BUD)and Grupo Modelo SAB said they are in talks with the Justice Department to try and resolve an antitrust lawsuit challenging their planned merger. Last week, AB InBev agreed to sell Constellation its rights to distribute Modelo in the United States as well its brewery in Piedras Negras, Mexico, in an effort to rescue the deal.
Apple (AAPL, Fortune 500) shares fell 0.8% after Foxconn (FXCNF) said it is slowing its hiring of workers at factories in China. The Taiwanese company makes about 40% of the world's consumer electronics gadgets, including products and parts for Apple, Intel (INTC, Fortune 500)and Cisco (CSCO, Fortune 500).
Fear & Greed Index still showing extreme greed
Asian markets ended weaker, also following the U.S. lead. The Shanghai Composite lost 3.0%, the Nikkei fell 1.4% and the Hang Seng declined 1.7%.
The dollar rose against the euro but was weaker versus the pound and the Japanese yen.
Oil and gold prices declined.
The price on the 10-year Treasury rose, pushing the yield down to 1.98% from 2.02% late Wednesday. 
First Published: February 21, 2013: 9:49 AM ET
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