May 21 (UPI) -- U.S. stocks fell on Thursday despite early gains amid new jobless claims reports and poor performance by tech stocks.
The Dow Jones Industrial Average closed down 101.78 points, or 0.41 percent after climbing more than 100 points in early trading.
The S&P 500 fell 0.78 percent and the Nasdaq Composite dropped 0.97 percent.
Stocks had a strong showing Wednesday, when the Dow climbed by almost 370 points amid optimism surrounding states reopening following COVID-19 restrictions but Thursday came with bad news about the unemployment rate.
The Labor Department's weekly report showed that another 2.4 million American workers have filed for new unemployment benefits pushing the total of Americans seeking unemployment to nearly 40 million throughout the last nine weeks.
Major tech stocks also contributed to the market decline as Netflix stock dropped 2.55 percent, Amazon fell 2.05 percent, Apple slid 0.75 percent and Alphabet stock declined 0.17 percent.
The major U.S. averages, however, all remained up nearly 3 percent on Thursday following strong performances earlier in the week.