Markets

Here's what happened to the stock market on Thursday

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A pedestrian passes by the New York Stock Exchange ,NYSE, in New York, the United States, March 17, 2020.
Michael Nagle | Xinhua News Agency | Getty Images

Dow Jones Industrial Average drops 288 points

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.

30 million unemployed

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.

Banks drop

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%.

What happens next?

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

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