US stocks close with losses as GDP figure revised down

By Ovunc Kutlu

ISTANBUL (AA) - US stocks closed Thursday lower as the GDP figure for the first quarter was revised down.

The Dow Jones plummeted 330 points, or 0.86%, to end the day at 38,111. The S&P 500 fell 31 points, or 0.6%, to 5,235.

The Nasdaq, meanwhile, took a dive with a 183-point loss, or 1.08%, to finish the session at 16,860.

Salesforce saw its shares plummet 19.7% as the American cloud-based software firm's financial results came weaker than estimates.

US economy expanded 1.3% in the first quarter of this year, according to the Commerce Department's second reading released earlier. The figure is revised down from the first reading of 1.6% made last month.

The VIX volatility index, also known as the fear index, rose 1.3% to 14.48. The 10-year US Treasury yield lost 1.6% to 4.548%.

The dollar index declined 0.31% to 104.78, while the euro rose 0.28% to $1.0830 against the greenback.

Precious metals were mixed, with gold rising 0.15% to $2,342 per ounce but silver decreasing 2.7% to $31.11.

Oil prices were down around 1.7% with global benchmark Brent crude at $81.93 per barrel and US benchmark West Texas Intermediate at $77.90.