Posted on 07/30/20
| News Source: FOX Business
U.S. equity markets ended the session mixed, paring the bulk of their losses Thursday, after the country's economy shrank the most in recorded history during lockdowns to curb the spread of the COVID-19 pandemic.
The Nasdaq ended the session higher by 0.43 percent, while the Dow Jones Industrial Average fell over 225 points or 0.85 percent and the S&P 500 dropped 0.38 percent.
U.S. gross domestic product, or GDP, tumbled by an annualized rate of 32.9 percent in the three months through June, a mammoth decrease that was still slightly better than the 34.1 percent drop that analysts surveyed by Refinitiv were expecting.
Initial jobless claims, meanwhile, rose by 1.434 million, meaning there have been more than 54 million first-time unemployment filings since mid-March. Continuing claims rose from 16.15 million to 17.02 million.
Looking at stocks, Dow component Procter & Gamble Co. reported better-than-expected top- and bottom-line results as COVID-19 boosted demand for cleaning products. Read more at FOX Business