- Stocks rose on Thursday after second quarter GDP was revised upward.
- Big banks on Wall Street passed their annual stress tests, dialing back fears of more banking turmoil.
Stocks ended mostly higher on Thursday on upbeat economic news and positive results of the latest bank stress tests from the Federal Reserve.
The Dow Jones Industrial Average gained more than 200 points, while whe S&P 500 and Nasdaq Composite traded nearly flat.
Traders were encouraged by a revision to second quarter US GDP, which came in at 2%, up from original estimates of 1.4%. The latest figures have bolstered investors' confidence in the economy, which has held up despite the Fed's aggressive monetary policy over the past year.
Meanwhile, big lenders on Wall Street passed their annual stress tests from the Federal Reserve, leading to a rally in bank stocks. Shares of Bank of America and JPMorgan rose about 3% through the course of the day. Wells Fargo shares ended the day nearly 5% higher.
Here's where US indexes stood at the 4:00 p.m. ET close on Thursday:
- S&P 500: 4,396.56, up 0.45%
- Dow Jones Industrial Average: 34,122.45, up 0.8% (269.79 points)
- Nasdaq Composite: 13,591.33, down 0.01%
Here's what else is going on:
- Costco is cracking down on sharing membership cards, and Wall Street is thrilled.
- Here's the real reason why Americans feel so lousy about the economy despite a roaring job market.
- The US is headed for a more serious recession than Powell thinks, according to Evercore's Roger Altman.
- Housing inventory is now so tight that prices are barely off their all-time-highs, according to Redfin data.
- China's economic recovery may be "doomed to fail,".
- Foreign borrowers are issuing a record $10.4 billion of yuan debt to help internationalize China's currency.
- The Fed is the only thing standing in a sustained bull market in stocks, Ned Davis Research said.
In commodities, bonds, and crypto:
- Oil prices rose, with West Texas Intermediate up 0.22% to $69.71 a barrel. Brent crude, the international benchmark, edged up 0.3% to $74.25 a barrel.
- Gold slipped 0.3% to $1,916.30 per ounce.
- The 10-year Treasury yield ticked higher 13 basis points to 3.842%
- Bitcoin moved higher 1.77% to $30,549.04