Stocks extended losses on Thursday after the Federal Reserve Bank of Philadelphia said its index of business conditions in the U.S. Mid-Atlantic region fell in July and missed forecasts.

The Dow Jones industrial average <.DJI> dropped 60.88 points, or 0.59 percent, to 10,305.84. The Standard & Poor's 500 Index <.SPX> fell 6.46 points, or 0.59 percent, to 1,088.71. The Nasdaq Composite Index <.IXIC> lost 11.09 points, or 0.49 percent, to 2,238.75.