U.S. stocks closed higher following signals that the economy is growing more powerfully than economists expected.
The S&P 500 rose 0.5% Thursday, setting another record high. The Dow Jones Industrial Average rose 0.6%, and the Nasdaq composite edged up 0.2%.
IBM helped lead the market’s gains after reporting a stronger profit than expected. That helped offset a sharp drop for Tesla, which warned of slowing sales growth. Treasury yields eased in the bond market after the blowout data on the economy’s growth at the end of 2023 also indicated that inflation is moderating.
On Thursday:
The S&P 500 rose 25.61 points, or 0.5%, to 4,894.16.
The Dow Jones Industrial Average rose 242.74 points, or 0.6%, to 38,049.13.
The Nasdaq composite rose 28.58 points, or 0.2%, to 15,510.50.
The Russell 2000 index of smaller companies rose 14.01 points, or 0.7%, to 1,975.88.
For the week:
The S&P 500 is up 54.35 points, or 1.1%.
The Dow is up 185.33 points, or 0.5%.
The Nasdaq is up 199.53 points, or 1.3%.
The Russell 2000 is up 31.49 points, or 1.6%.
For the year:
The S&P 500 is up 124.33 points, or 2.6%.
The Dow is up 359.59 points, or 1%.
The Nasdaq is up 499.14 points, or 3.3%.
The Russell 2000 is down 51.20 points, or 2.5%.
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