Stocks finished higher on Thursday as economic growth in the U.S. was higher than estimates and jobless claims declined.
The rebound came after the S&P 500’s 3.5% drop in the previous session, the biggest loss since June 11. And investors are awaiting earnings reports from some of the largest U.S. tech companies.
The Dow Jones Industrial Average lost steam late in the session but still finished up 139 points, or 0.52%, at 26,659. The S&P 500 rose 1.19% and the tech-heavy Nasdaq was up 1.64% ahead of earnings from Amazon.com , Apple , Alphabet and Facebook .
The U.S. economy grew the most on record during the third quarter as trillions of dollars of coronavirus relief from Congress and the Federal Reserve supported household and business spending.
Third-quarter GDP growth was 7.4%, a quarterly gain that translates to an annual pace of 33.1%. That’s a reversal from the second-quarter’s 31.4% decline following Covid-related shutdowns.
Weekly jobless claims fell 40,000 to 751,000, down from the upwardly revised 791,000 in the previous week.
For additional information visit our friends at The Street.