Stocks rose Thursday as market participants remained cautious ahead of a potential U.S. government shutdown. The Dow Jones Industrial Average climbed more than 100 points, while the S&P 500 Index and Nasdaq Composite added 0.6% and 0.8%, respectively.
Here's how the market settled on Thursday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Driving market moves, investors are focused on developments out of Washington D.C. as lawmaker negotiation on a U.S. spending bill continue before the Oct. 1 deadline; failing to reach an aggreement and pass a new spending package will result in a government shutdown.
In economic news, U.S. gross domestic product (GDP) rose at an annualized rate of 2.1% in the second quarter, according to a third and final estiamte from the Commerce Department released Thursday. The final estimate was unchanged from the previous reading, but ticked slightly below expectations.
The U.S. also revised its previous reading on GDP for the first quarter growth for each of the year from 2020 to 2022. The new reading as -5.3%, 5.2% and -2%, respectively, from priors readings of -4.6%, 6.3% and -1.6%.
Separately, pending U.S. home sales fell by a more-than-expected rate in August as more potential buyers are squeezed out of the housing market by higher interest rates. Sales fell 7.1% from July to August, according to the National Association of Realtors report released Thursday, reversing the previous 0.9% rise for July.
"Mortgage rates have been rising above 7% since August, which has diminished the pool of home buyers," said Lawrence Yun, NAR's chief economist, in a statement. "Some would-be home buyers are taking a pause and readjusting their expectations about the location and type of home to better fit their budgets."
Meanwhile, initial jobless claims totaled 204,000 for the week ended Sept. 23, according to the Labor Department's report Thursday, coming in below estimates. Continuing claims rose by 12,000 to 1.67 million, slightly above estimates.
Shares of Peloton Interactive
Lululemon said is plans to stop selling workout streaming product Mirror by the end of the year. The company has been exploring a sale of Mirror after sales failed to meet expectations and Lululemon had to pay a $443 million impairment charge, the company said earlier this year.
GameStop
Micron Technology
For Friday, market participants will turn their attention to the latest reading of the Federal Reserve's preferred inflation gauge -- the personal consumption expenditures index.