The U.S. stock market began on a positive note on Thursday, as investors analyzed recent economic data. Particularly noteworthy was the stronger-than-expected estimate of gross domestic product (GDP) growth in the second quarter. According to FactSet data, at last check, the Dow Jones Industrial Average (DJIA) was up 0.2% soon after the opening bell. The S&P 500 climbed 0.7%, while the Nasdaq Composite rallied 1.3%.
Dow Jones Market Data suggests that if the Dow finishes higher today, it will achieve its 14th consecutive day of gains, marking the longest win streak since June 1897. Such a strong performance showcases a rising market sentiment and investor confidence.
Better-than-Anticipated GDP Growth
The Commerce Department released an estimate on Thursday which revealed that the U.S. GDP rose at an annual rate of 2.4% during the second quarter. This figure surpasses the 2% growth forecast by economists polled by The Wall Street Journal. The higher-than-expected growth is a positive sign for the economy and indicates that it is performing better than anticipated.
Decrease in Jobless Claims
In addition to the positive GDP growth, the Labor Department reported on Thursday that jobless claims for the week ending July 22 declined by 7,000 to 221,000. This unexpected drop surprised Wall Street analysts and suggests that despite the Federal Reserve's interest-rate hikes battling elevated inflation, the economy remains resilient.
Overall, these optimistic economic indicators are providing a boost to investor sentiment and contributing to the positive start to the trading day.
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