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7/30, 4:06 PM (Source: TeleTrader)
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Dow falls 500 pts after GDP, unemployment data

The Dow Jones Industrial Average extended losses in early trading on Thursday after opening 300 points lower and declined over 500 points. Before the bell, a number of companies, including Comcast, UPS and Mastercard, reported their quarterly reports, but investors are awaiting quarterly results of the world's largest tech companies after the markets close. Additionally, economic data showed that the United States gross domestic product dropped 32.9% in the second quarter.

Meanwhile, fears over a second wave of the coronavirus pandemic continued to influence sentiment ahead of President Donald Trump's visit to a roundtable on donating plasma. Trump also incited political instability fears as he tweeted that postponing the US elections could be a good idea.

The Dow was 1.83% in the red at 10:08 am ET. Exxon Mobil led the losses as it fell 4.47% at 9:56 am ET. Dow Inc, Chevron, JP Morgan Chase and American Express were also among the worst performers.

Breaking the News / VP