Stocks rose at the end of Thursday's volatile session as mega-cap tech companies gained ahead of their quarterly earnings reports. Investors were also encouraged by better-than-expected economic data for U.S. quarterly gross domestic product and weekly unemployment claims. That positive sentiment ultimately outweighed looming concerns over the coronavirus pandemic and the upcoming U.S. presidential election.
The U.S. gross domestic product (G.D.P.) expanded at a 33.1% annualized pace for the third quarter, which was the G.D.P.'s fasted growth on record. The fresh reading came after a 31.4% drop in the second quarter and was better than consensus economist estimates for a growth of only 32%. The rise was driven by a more than 40% jump in personal consumption, as consumer spending recovered following stay-at-home orders. However, the overall U.S. G.D.P. level still remains below pre-pandemic levels.
Meanwhile, the Labor Department reported that 751,000 people filed for first time unemployment claims for the week ended Oct. 24, a decrease from the week prior and better than the 770,000 expected by economists. Continuing jobless claims also improved to 7.756 million, falling from the previous week's upwardly revised total of 8.465 million.
Here's how the market settled on Thursday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
For Major Stock News, tech giants lead Thursday's market rebound, with Alphabet
For Sector Performance, ten out of the 11 sectors of the S&P finished higher at the end of Thursday's session. Energy
For Commodities and Currency, the U.S. Dollar
For Friday, an array of fresh economic data for September and October is slated to report, including numbers on consumer sentiment, consumer spending, personal income and core inflation. Companies like ExxonMobil