Stocks reverse early losses to close higher; Dow posts 8th straight gain

Among the economic news Thursday, the Labor Department said first-time jobless claims fell 10,000 last week to 570,000, just shy of economists' expectations. Workers continuing to file for benefits, however, fell more than expected, declining to 6.13 million from 6.25 million in the previous week. It was the lowest level for continuing claims since early April.

Meanwhile, a Commerce Department report showed the economy shrank at a 1% annualized rate in the second quarter. The updated figure was unchanged from a preliminary reading on GDP, and slightly better than the 1.5% decline that was forecast.

Bond prices were mostly lower even after a strong auction of seven-year notes. The yield on the 10-year note rose to 3.46% from 3.44%.

The dollar was mixed, while gold prices inched higher.

In other trading, the Russell 2000 index of smaller companies slipped 0.25, or 0.04%, to 583.77.

Asian stocks fell after China said it would cut investment in some industries. Japan's Nikkei stock average lost 1.6%, while China's main index fell 0.7%.

Britain's FTSE 100 fell 0.4%, Germany's DAX index fell 0.9%, and France's CAC-40 lost 0.5%.

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