The Globe and Mail reports in its Thursday edition that the Dow and S&P 500 closed higher after a late rally on Wednesday, erasing declines from most of the session after data showed the economy contracted in the first quarter for the first time in three years. A Reuters dispatch to The Globe says Toronto closed slightly in the red, but well off its lows for the day. In a day filled with economic data, the U.S. Commerce Department said its advance gross domestic product report showed a 0.3-per-cent contraction for the first quarter, falling short of expectations for 0.3-per-cent growth. A separate report on monthly U.S. consumer spending showed a jump of 0.7 per cent in March, topping expectations for a 0.5-percent rise. Both the GDP and consumer spending data appeared to be affected by the trade war, as businesses and consumers pulled forward spending to avoid tariffs. The S&P/TSX Composite Index ended at 24,841.68, down 32.80 points. For the month, it was down 0.3 per cent, its third straight monthly decline. Still, it has rebounded 10.4 per cent from a near eight-month low earlier in April. Toronto's energy sector was down 2.3 per cent as the price of oil settled 3.7 per cent lower at $58.21 (U.S.) a barrel.