STOCKS RALLY: Here's what you need to know

US stocks closed higher on Thursday. The Commerce Department revised fourth-quarter economic growth up on stronger consumer spending.

Crude oil closed above $50 per barrel amid speculation that the Organization of Petroleum Exporting Countries will extend its deal to lower output beyond June.

Here's the scoreboard:

• Dow: 20,728.81, +69.49, (0.34%)
• S&P 500: 2,368.38, +7.25, (0.31%)
• Nasdaq: 5,913.25, +15.70, (0.27%)
• WTI crude oil: $50.35, +$0.84, (1.70%)

1. The US economy grew faster than initially reported in the fourth quarter of last year, at a pace of 2.1%, according to the third estimate. Consumer spending, up 3.5%, was stronger than initially thought and led the overall upward revision.
2. Lululemon shares plunged 23% after the company reported earnings and said it had a "slow start" to the year. The athleisure brand's said it expects first-quarter same store sales to decline in the "low-single digits" on a constant dollar basis.
3. Initial jobless claims fell less than expected last week, by 3,000 to 258,000. This marked the fourth straight week that jobless claims came in higher than expected, which is the longest streak of higher readings since January 2016.
4. The Bank of Mexico hiked interest rates. Banxico, as the bank is usually called, hiked by 25 basis points to 6.50% as expected. The latest decision - the fourth since the US election - came amid a recent recovery in the peso.

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