Stocks pare some of their losses on Thursday.
U.S. stocks traded well off their intraday lows Thursday, as investors digested the latest batches of economic data out of Washington.
The Dow Jones Industrial Average (NYSEARCA:DIA) fell 77.62 points, or 0.3%, to 26,893.09. The blue-chip index was off by 167 points earlier in the day.
The broad S&P 500 Index (NYSEARCA:SPY) finished down 0.2% at 2,977.73. Most of the losses were concentrated in energy and communication services.
Meanwhile, the technology-focused Nasdaq Composite Index (NYSEARCA:QQQ) settled down 0.6% at 8,030.66.
A measure of implied volatility known as the CBOE VIX (NYSEARCA:VXX) rose slightly on Thursday, but continued to hang below the historic average. VIX edged up 0.1% to 15.97 on a scale of 1-100 where 20 represents the historic average.
In economic data, U.S. gross domestic product (GDP) expanded 2% annually in the second quarter, revised estimates from the Commerce Department revealed Thursday.
Separately, Washington’s goods trade deficit rose much less than forecast in August to $72.83 billion.
The U.S. dollar rose on Thursday to fresh two-year highs, as investors continued to exit the euro and pound due to Brexit and economic risks. The U.S. dollar index (DXY), which tracks the performance of the greenback against a basket of six currencies, reached a session high of 99.37. It was last up 0.1% at 99.14.
On Wednesday, the dollar posted its biggest single-day increase in three months.
The Final Word: U.S. economic growth slowed in the second quarter, as evidenced by the latest GDP revision from the Department of Commerce. However, the U.S. economy continues to outperform most of its advanced industrialized peers, making the dollar an attractive option for global investors.