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7/30, 10:00 PM (Source: TeleTrader)
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US closes mostly lower as data fuels COVID-19 concerns

Equities on Wall Street ended Thursday's session mostly lower amid rising concerns over the country's recovery from the coronavirus-caused crisis.

According to the Bureau of Economic Analysis, the US economy contracted 32.9% in the second quarter, marking the biggest drop in the country's history. The labor market continued to weaken as the number of initial jobless claims increased by 12,000 to land at 1,434,000 in the week ending July 25.

The Dow dipped 0.84% or over 200 index points at the closing bell as Exxon Mobil plunged almost 5%, while the S&P 500 slid 0.37% at the same time with A.O. Smith Corp falling more than 9%. The Nasdaq 100 managed to shake off losses recorded during the session to finish 0.49% in the green with Qualcomm surging more than 15%.

The euro gained 0.43% at 3:58 pm ET, trading for $1.18424.

Breaking the News / GA