Thursday Stock Market Update
The Dow Jones Industrial Average, S&P 500 fell and the Nasdaq Composite gained on Thursday, according to CNBC.
- The Dow Jones Industrial Average fell 225.92 points, or 0.85 percent, to close at 26,313.65.
- The S&P 500 fell 0.38 percent to close at 3,246.22.
- The Nasdaq Composite gained 0.43 percent to close at 10,587.81.
The US government released data showing that gross domestic product falling by 32.9 percent in the second quarter, a record figure. However, economist surveyed by Dow Jones expected a 34.7 percent decline.
US jobless claims were reported at 1.434 million. Continuing claims, those who have been collecting unemployment benefits for at least two weeks, was at 17.018 million, an increase from 16 million last week.
Tech shares showed life during the session. Facebook gained 0.52 percent, Amazon gained 0.60 percent, Alphabet gained 0.98 percent, and Apple gained 1.21 percent. Bank stocks fell with treasury yields. JPMorgan Chase fell 2.67 percent, Goldman Sachs fell 1.51 percent, Bank of American fell 1.71 percent, and Citigroup fell 3.14 percent.
After hours, major tech companies surged and added over $200 billion in market value.
Tomorrow, personal income and consumer sentiment data will be released. Caterpillar and Exxon Mobil are also scheduled to report earnings.