A trader works on the floor of the New York Stock Exchange January 6, 2014.
- Stocks climbed Thursday following the release of better-than-expected fourth quarter GDP data.
- The Commerce Department reported that GDP rose last quarter at a 2.9% annualized pace, above the expected 2.8%.
- Meanwhile, Tesla reported record revenue in its Wednesday earnings report.
US stocks climbed Thursday following the release of better-than-expected economic growth data, as well as a strong fourth-quarter earnings report from Tesla.
The Commerce Department reported that gross domestic product for the fourth quarter rose at a 2.9% annualized pace, above the 2.8% expected from Dow Jones economist.
The figure was below the 3.2% pace in the third quarter, however, and concerns about economic growth for the year ahead remain.
Separately, weekly jobless claims dropped by 6,000, down to 186,000. That’s below the 205,000 expected by Dow Jones economists, and marks the lowest level since April 2022.
Meanwhile, on Wednesday, Tesla reported record revenue of $24.32 billion for the fourth quarter, above the expected $24.16 billion. Earnings per share came in at $1.19, versus the $1.13 expected.
Here’s where US indexes stood as the market opened 9:30 a.m. on Thursday:
- S&P 500: 4,050.51, up 0.85%
- Dow Jones Industrial Average: 33,880.60, up 0.41% (136.76 points)
- Nasdaq Composite: 11,480.99, up 1.48%
Here’s what else is going on:
- Americans are battling an egg-price crisis after an almost 60% surge in 2022.
- Billionaire Ray Dalio slammed the US debt ceiling as the risk of default looms.
- The US economy could plunge into a recession with a US debt default or even near-nonpayment, a Goldman Sachs economist said.
- Wedbush analysts said Elon Musk’s Tesla has had to sacrifice margins for volumes.
- The New York Stock Exchange glitch traced back to an employee who left a backup system running, Bloomberg reported.
In commodities, bonds, and crypto:
- Oil prices climbed, with West Texas Intermediate up 2.20% to $81.90 a barrel.
- Brent crude, the international benchmark, inched higher 1.95% to $87.82 a barrel.
- Gold edged lower 0.12% to $1,940.20 per ounce.
- The 10-year yield ticked higher 1 basis point to 3.473%.
- Bitcoin moved higher 1.15% to $23,157.01.