Dow falls 150; stocks fail to hold ECB rally as euro reverses

U.S. stocks held lower in choppy trade Thursday as oil prices fell and concerns about the effectiveness of monetary policy rose following the morning's announcements from the European Central Bank.

"Today's not a question of did (ECB President Mario) Draghi do more or less than expected. He's just doing more of what has not worked. ... We're bumping up against limits," said Peter Boockvar, chief market analyst at The Lindsey Group.

The Dow Jones industrial average fell more than 150 points, after earlier rising more than 100 points.ю Draghi surprised markets by saying he didn't anticipate a need to reduce rates further, although new facts can change the situation and the outlook.

John Caruso, senior market strategist at RJO Futures, said the announcement was "pretty alarming."

"Any further cuts they basically shut the door on and the market is forward-looking so it doesn't know how to react. There's a lot of price discovery going on," he said, noting "the currency trade might be the biggest thing to watch at the moment."

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