US stocks pare some losses, but Nasdaq closes higher

Most of the US stock indices fell on Thursday, but Wall Street was lifted by the tech sector after digesting the weak economic data.

The advance reading of the US GDP showed a contraction of 32.9% in the second quarter, the largest contraction in a second quarter ever.

Additionally, the weekly unemployment claims rose 12,000 to 1.434 million during the past week, compared to forecasts of 1.5 million.

Several major tech companies reported upbeat earnings for the second quarter after the session closed, which pushed investors towards their shares.

Otherwise, the total number of coronavirus infections surpassed 17 million cases worldwide, including 11 million cases that have recovered.

To the oil market, West Texas Intermediate crude fell 3.3% to close at $39.92 a barrel (the first close below $40 since July 9), after it hit a day high of $41.3 and a low of $38.7.

Brent fell 1.9% to $42.94 a barrel, with a high of $43.8 and a low of $41.3.

As for stocks, Dow Jones fell 0.8% or 226 points to close at 26,313, after it hit a day high of 26,374 and a low of 25,992.

S&P 500 fell 0.4% or 12 points to 3,246, after it hit a day high of 3,250 and a low of 3,204 points.

Nasdaq rose 0.4% or 45 points to 10,588 points, with a high of 10,609 and a low of 10,412.