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U.S. stocks fall amid downbeat data

Xinhua News,NEW YORK
2020-05-29 04:48

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NEW YORK, May 28 (Xinhua) -- U.S. stocks finished lower on Thursday as investors pored through a slew of economic data.

The Dow Jones Industrial Average decreased 147.63 points, or 0.58 percent, to 25,400.64. The S&P 500 was down 6.4 points, or 0.21 percent, to 3,029.73. The Nasdaq Composite Index fell 43.37 points, or 0.46 percent, to 9,368.99.

Six of the 11 primary S&P 500 sectors closed lower, with energy down 2.91 percent, the worst-performing group. Utilities rallied 3.04 percent, outperforming the rest.

The moves came after data released Thursday by the U.S. Labor Department showed 2.123 million Americans filed for unemployment benefits last week as the COVID-19 pandemic continues to cripple the economy. The previous week's level was revised higher to 2.446 million.

Over the past 10 weeks, more than 40 million Americans have filed for unemployment insurance.

U.S. economic activity in the first quarter contracted at an annual rate of 5 percent in second estimate, 0.2 percentage point lower than advance estimate, the U.S. Commerce Department reported Thursday.
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