U.S. equity markets sank Thursday after the country's economy shrank the most in recorded history during lockdowns to curb the s

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U.S. equity markets sank Thursday after the country's economy shrank the most in recorded history during lockdowns to curb the spread of the COVID-19 pandemic.

U.S. equity markets sank Thursday after the country's economy shrank the most in recorded history during lockdowns to curb the spread of the COVID-19 pandemic. The Dow Jones Industrial Average fell 273 points, or 1Â percent, in the opening minutes of trading while the S&P 500 and the Nasdaq Composite dropped 1.03 percent and 0.89 percent, respectively. U.S. gross domestic product, or GDP, tumbled by an annualized rate of 32.9 percent in the three months through June, a mammoth decrease that was still slightly better than the 34.1 percent drop that analysts surveyed by Refinitiv were expecting. Initial jobless claims, meanwhile, rose by 1.434 million, meaning there have been more than 54 million first-time unemployment filings since mid-March. Continuing claims rose from 16.15 million to 17.02Â million. Â Â

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