All three major U.S. indexes closed higher Thursday, and were back on track for an eighth straight week of gains. Read the day’s full markets roundup here.
Third-quarter GDP growth came in at 4.9%, below an earlier estimate from the Bureau of Economic Analysis. It was the latest data point to suggest that the soft economic landing desired by investors is likely.
The S&P 500 fell 1.5% Wednesday in its biggest one-day percentage drop since September. But markets have mostly ripped higher to end the year, so that selloff is looking more like a blip.
Stocks were back in the green. The S&P 500 gained 1% and the Nasdaq Composite advanced 1.3%. The Dow Jones Industrial Average rose more than 300 points, or 0.9%.
Stocks to watch: Micron gained following results late Wednesday. Investors were scrutinizing media giants Warner Bros. Discovery and Paramount, following news of merger talks.
The 10-year Treasury yield edged higher, to settle at 3.893%. The 2-year yield slipped.
Crude oil futures dropped. Angola, one of Africa’s biggest OPEC producers, is leaving the oil cartel, a local news agency reported.
Overseas stocks were mixed. The Stoxx Europe 600 slipped. China’s Shanghai Composite Index edged up, after hitting a year-plus low in the previous session. A big U.S. recall by Toyota helped push Japan’s Nikkei 225 down 1.6%.
