- Stocks rose on Thursday after the release of better-than-expected fourth-quarter GDP data.
- The Commerce Department reported that GDP increased last quarter at an annualized rate of 2.9%, above the expected 2.8%.
- Meanwhile, Tesla reported record revenue in its earnings report on Wednesday.
US stocks rose on Thursday after 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 fourth-quarter gross domestic product increased at an annualized rate of 2.9%, above the 2.8% expected by the Dow Jones economist.
However, the figure was below the pace of 3.2% in the third quarter and concerns persist about economic growth for next year.
Separately, weekly jobless claims fell by 6,000 to 186,000. That is 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, up from $24.16 billion expected. Earnings per share were $1.19, versus $1.13 expected.
Here is where the US indices were when the market opened at 9:30 a.m. Thursday:
This is what else is happening:
In commodities, bonds and cryptocurrencies:
- Oil prices rose, with West Texas Intermediate rising 2.20% to $81.90 a barrel.
- Brent crude, the international benchmark, rose 1.95% to $87.82 a barrel.
- Gold was down 0.12% at $1,940.20 an ounce.
- The 10-year yield rose 1 basis point to 3.473%.
- Bitcoin rose 1.15% to $23,157.01.