(CNBC) – The Dow Jones Industrial Average and S&P 500 closed lower on Thursday as investors digested a record-setting drop in U.S. economic activity. Those losses were kept in check, however, as shares of major tech companies rose ahead of earnings.
The 30-stock Dow slid 223 points, or 0.8%. The S&P 500 dipped 0.4%. The Nasdaq Composite outperformed, rising 0.4%.
Data from the U.S. government released Thursday showed gross domestic product plunged by a record 32.9% in the second quarter. The number was not as bad as feared, however, as economists surveyed by Dow Jones had expected a 34.7% decline.
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Meanwhile, U.S. weekly jobless claims came in at 1.434 million, roughly in line with estimates. However, continuing claims, or those who have been collecting for at least two weeks, totaled 17.018 million, up from about 16 million last week.