The markets closed flat with the Dow slipping 2 points to 21,080 as the nation's economy expanded at a modest rate in the first quarter. Nasdaq added 4 points to 6,210.

On the upside

Shares of NII Holdings (Nasdaq: NIHD) surged on no news.

First quarter earnings surged for Veeva Systems (NYSE: VEEV) as revenue climbed.

Rayonier Advanced Materials (NYSE: RYAM) will acquire Tembec in a cash and stock transaction valued at approximately $807 million including the assumption of debt.

On the downside

Investors locked in profits on BioCryst Pharmaceuticals (Nasdaq: BCRX).

Citigroup downgraded JinkoSolar Holding (NYSE: JKS) from a Neutral rating to a Sell rating while Morgan Stanley downgraded the solar power company from an Overweight rating to an Underweight rating.

Profit taking weighed down shares of Sears Holdings (Nasdaq: SHLD).

The broader S&P 500 held steady at 2,415. Bitcoin plummeted $232 to $2220.