The Nasdaq Composite Index rose on Thursday as traders moved through The latest batch of corporate earnings And the gross domestic product for the fourth quarter, which came in above expectations.
Stocks were mixed, with the tech heavy index up 0.8%. The Dow Jones Industrial Average traded 60 points, or 0.2% higher, while the Standard & Poor’s 500 added 0.4%.
gross domestic product Data released on Thursday showed the economy expanding at an annual rate of 2.9% during the fourth quartersaid the Ministry of Commerce. This is higher than the Dow Jones estimate of 2.8%, but a slight slowdown from the third quarter reading.
“With today’s better-than-expected GDP number, I think investors are thinking maybe we can get away with a somewhat soft recession that is not likely to send us into a deeper bear market when all is said and done,” he said. Sam Stovall, chief investment analyst at CFRA Research.
Meanwhile, earnings season continued strong Results from Tesla Give Nasdaq and Electric vehicle stocks impulse. Tesla It jumped 8% after publication Strong revenue and profit recording. Trading of technology giants such as Microsoft, Apple, Amazon and Alphabet rose slightly.
Airline earnings were also thrown in, with Southwest fell 5% on a larger-than-expected basis Loss Fueled by the holiday meltdown. American Airlines He fell though winning the fourth quarter. United and Delta also fell.
in another place, chevron Added 3% after the announcement of a $75 billion stock repurchase program.
All major averages trend towards weekly and monthly gains. The Dow Jones and the Standard & Poor’s are up 0.9% and 1.2% so far this week, respectively. The Nasdaq is up 1.9% this week and is on track for its best month since July.
Focus now turns to next week’s Fed policy meeting, where the central bank is widely expected to announce an increase of 25 basis points as it battles high inflation. Investors will be on the lookout for a clue as to how far the Fed intends to raise it before it cuts interest rates.
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The US economy grew at a strong pace of 2.8% in the last quarter thanks to strong consumer spending