Last updated July 29, 2010: 4:45 PM ET --- The major U.S. equity indices closed lower Thursday as investors concerns over the economy grow following jobless claims and other mixed economic reports. The Labor Department said initial claims for unemployment benefits dropped by a modest 11,000 to 457,000 last week, slightly better than the 459,000 forecast by economists. In corporate news, First Solar (NASDAQ:FSLR) reported Q2 EPS of $1.84, ahead consensus estimates of $1.60 per share. Revenues rose 12% year-over-year to $587.9 million, topping consensus estimates of $541.15 million. MEMC Electronic Materials (NYSE:WFR) reported Q2 EPS of $0.02, consensus estimates of $0.09 per share. Revenues rose 58.5% year-over-year to $448.3 million, missing consensus estimates of $466.2 million. The Dow Jones Industrial Average (DJI) closed 0.29% lower at 10,467.16, the S&P500 (INX) closed 0.42% lower at 1,101.53, and the Nasdaq Composite (IXIC) closed 0.57% lower at 2,251.69.