U.S. Stocks Close Higher as Economy Shows Strong Growth
The U.S. stock market ended on a positive note as indications of robust economic growth surpassed economists’ expectations. The S&P 500 reached a new record high, rising by 0.5 percent on Thursday. The Dow Jones Industrial Average also experienced a 0.6 percent increase, while the Nasdaq composite saw a slight uptick of 0.2 percent.
IBM played a significant role in driving the market gains after reporting better-than-expected profits. This helped offset the decline in Tesla’s stock, which issued a warning regarding slowing sales growth. In the bond market, treasury yields eased as the latest data revealed strong economic growth at the end of 2023, coupled with signs of moderating inflation.
Thursday’s Market Performance:
- The S&P 500 rose by 25.61 points, or 0.5 percent, to reach 4,894.16.
- The Dow Jones Industrial Average increased by 242.74 points, or 0.6 percent, closing at 38,049.13.
- The Nasdaq composite saw a rise of 28.58 points, or 0.2 percent, ending at 15,510.50.
- The Russell 2000 index of smaller companies experienced a gain of 14.01 points, or 0.7 percent, reaching 1,975.88.
Weekly Performance:
For the week:
- The S&P 500 is up by 54.35 points, or 1.1 percent.
- The Dow has increased by 185.33 points, or 0.5 percent.
- The Nasdaq has risen by 199.53 points, or 1.3 percent.
- The Russell 2000 has gained 31.49 points, or 1.6 percent.
Yearly Performance:
For the year:
- The S&P 500 has increased by 124.33 points, or 2.6 percent.
- The Dow has risen by 359.59 points, or 1 percent.
- The Nasdaq has seen a gain of 499.14 points, or 3.3 percent.
- The Russell 2000 has experienced a decline of 51.20 points, or 2.5 percent.
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