US stocks give up earlier gains, close lower on disappointing data

US stocks closed lower on Thursday, to give up their earlier gains, after the release of disappointing US data amid the lingering coronavirus crisis.

White House Chief economic adviser, Larry Kudlow, stated that several US states that are gradually reopening their economies are showing positive signs.

Data showed today the US GDP shrank by 5% during the first quarter of this year, lower than forecasts of contraction by 4.8%, while the durable goods orders fell 17.2% during April.

The unemployment claims in the US reached 2.123 million vs. 2.446 million, with the total unemployed in the US exceeding 40 million in just 10 weeks.

To the oil market, West Texas Intermediate crude rose 2.7% to close at $33.71 a barrel, after it hit an intraday high of $34.2 and a low of $31.1.

Brent rose 1.6% to $35.29 a barrel, with a high of $35.9 and a low of $33.6.

As for stocks, Dow Jones fell 0.6% or 147 points to close at 25,400 , after it hit a day high 25,755 and a low 25,358.

Nasdaq fell 0.5% or 43 points to 9,369 points, with a high of 9,523 and a low of 9,345.

S&P 500 fell 0.2% or 6 points to 3,029 points, with a high of 3,068 and a low of 3,023.