Here's what happened to the stock market on Thursday


Here's what happened to the stock market on Thursday

Play all audios:


The Dow dropped 288.14 points, or 1.17%, to close at 24,345.72. The S&P 500 slid 0.92% to 2,912.43. The Nasdaq Composite fell 0.28 % to 8,889.55. Stocks were pushed lower amid dismal


economic data, but still ended April with the best monthly gain in 33 years.


The Labor Department said another 3.84 million Americans filed for unemployment benefits last week, bringing the six-week total to more than 30 million. U.S. consumer spending also dropped


7.5% in March on a year-over-year basis. The sharp rise in jobless claims and the precipitous drop in consumer spending come as businesses are forced to shut down and consumers stay home


amid the coronavirus pandemic. Still, the major averages all rose more than 10% for April.


Bank shares were among the biggest laggards on Thursday. Citigroup dropped 3.38% while Bank of America fell 2.95%. Dow-member JPMorgan Chase slid 2.15%.


Exxon Mobil, Chevron and Clorox are scheduled to report earnings on Friday.


Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.


Sign up for free newsletters and get more CNBC delivered to your inbox


Get this delivered to your inbox, and more info about our products and services.


© 2025 CNBC LLC. All Rights Reserved. A Division of NBCUniversal