Dow leads stocks up after GDP data as banks rally: Stock market news today

June 30, 2023

Stocks climbed Thursday, after fresh data underscored the resilience of the US economy in the face of the Federal Reserve’s interest-rate hikes.

The Dow Jones Industrial Average (^DJI) rose around 0.8%, getting some uplift from gains for JPMorgan Chase (JPM) and Goldman Sachs (GS) after successful Fed stress tests. The S&P 500 (^GSPC) was up about 0.4%, while the Nasdaq Composite (^IXIC) finished flat.

A sharp upward revision to first quarter GDP and a fall in jobless claims on Thursday echoed recent releases reflecting strength in the economy, seen as providing scope for the Fed to keep raising rates.

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