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Stocks drift lower after GDP, jobs data

Stocks drift lower after GDP, jobs data

U.S. stocks are having trouble holding on to recent gains, despite more signs that the economy might be stabilizing.
Major stock indicators were slightly lower in early trading Thursday.
The Dow fell 29.78, or 0.3 percent, to 9,513.74. The Standard & Poor's 500 index fell 6.43, or 0.6 percent, to 1,021.69, while the Nasdaq composite index fell 13.63, or 0.7 percent, to 2,010.80.
Prices turned down after the Labor Department said first-time unemployment claims fell 10,000 last week to 570,000, just shy of economists' expectations for 565,000.
Workers continuing to file for benefits, however, fell more than expected, declining to 6.13 million from 6.25 million in the previous week. It was the lowest level for continuing claims since early April. Economists had been expecting claims to total 6.2 million.
Meanwhile, a Commerce Department report showed the nation's economy shrank at a 1 percent annualized rate in the second quarter. The updated figure was unchanged from an earlier, preliminary reading on the nation's GDP, which measures the value of all goods and services produced within the U.S.
Economists had been predicting the figure would be revised lower to a 1.5 percent decline.
Trading has been erratic over the past week, even amid data showing improvements in housing and consumer confidence. Investors are worried about extending the market's impressive spring and summer rally without signs of actual economic growth.


Updated : 2021-02-28 12:24 GMT+08:00