Dow Jones Down 200 Points as Exxon Mulls Cost Cuts, Procter & Gamble Grows Sales

The Dow Jones Industrial Average (DJINDICES: ^DJI) was down 0.9% at 12:55 p.m. EDT on Thursday after some rough economic numbers were released. U.S. gross domestic product tumbled 32.9% on an annualized basis in the second quarter, the worst decline since records began being kept in 1947.

While the economy has improved as states reopened, the number of Americans filing for unemployment benefits is beginning to tick up again. Initial unemployment claims rose slightly to 1.42 million for the week ended July 25, a sign that the recovery may be stagnating as COVID-19 surges across the country.

Contributing to the Dow's weak performance was ExxonMobil (NYSE: XOM). Exxon releases results on Friday, but the stock was down on a report that the oil company is planning major cost cuts to keep its dividend intact. Moving in the opposite direction was Procter & Gamble (NYSE: PG), which enjoyed a sales boost due to the pandemic.

Source Fool.com