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Stocks Finish Mostly Lower Following GDP Report

The Dow Jones gave up big gains Thursday afternoon as the S&P 500 and Nasdaq slumped.

The Dow and broader U.S. stock market declined on Thursday, as investors continued to evaluate the impact of the Federal Reserve’s shift in policy.

Wall Street’s major indices were mixed-to-lower at the close, with the Dow Jones Industrial Average (DIA) flat-lining at 34,160.51.

The broad S&P 500 Index (SPY) of large-cap stocks declined 0.5% to settle at 4,326.50. Most sectors finished in negative territory.

Meanwhile, the technology-focused Nasdaq Composite Index (QQQ) declined 1.4% to settle at 13,352.78.

A measure of implied volatility known as the CBOE VIX (VXX) declined on Thursday. The so-called “investor fear index” reached an intraday low of 28.42 on a scale of 1-100, where 20 represents the historical average. It would eventually settle down 3.9% at 30.71.

In commodities, oil prices declined on Thursday, as U.S. West Texas Intermediate fell 55 cents, or 0.6%, to $86.80 a barrel on the New York Mercantile Exchange. Brent, the international futures contract, fell 44 cents, or 0.5%, to $89.52 a barrel.

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In precious metals, gold prices plunged, as the April futures contract declined $36.40, or 2%, to $1,795.60 a troy ounce on the Comex division of the New York Mercantile Exchange. Silver futures declined $1.07, or 4.5%, to trade at $22.74 a troy ounce.

The Final Word: In economic data, U.S. gross domestic product advanced at an annual rate of 6.9% in the fourth quarter, the fastest clip in nearly four decades. Compared with the third quarter, GDP accelerated 2.3%.