U.S. stocks rose to record levels on Thursday as investors shrugged off economic data pointing slower-than-expected growth.
The Dow Jones Industrials hiked 149.32 points to 35,080.25 to hit an intraday record.
The S&P 500 cleared breakeven 20.09 points to 4,420.73, also reaching a fresh high.
The NASDAQ gained 51.53 points to 14,814.11, amid a drop in Facebook and PayPal shares.
The major averages are on track to end the month higher, with the S&P up 2.4% for July. The NASDAQ is ahead 1.8% and the Dow is up 1.2%,
PayPal lost 5% and Facebook fell 3%, after warning of significant growth slowdown as they reported quarterly earnings.
Meanwhile, shares of Ford jumped nearly 4% after it raised its 2021 outlook, saying it’s selling more cars that are more expensive, though it missed analysts’ estimates on earnings.
Amazon, Pinterest and Anheuser-Busch are set to report earnings Thursday.
U.S. second-quarter gross domestic product accelerated 6.5% on an annualized basis, considerably less than the 8.4% Dow Jones estimate.
Meanwhile, a separate data point showed that 400,000 people filed initial claims for unemployment benefits for the week ended July 24. That level is nearly double the pre-pandemic norm and above a Dow Jones estimate of 385,000.
Many investors were relieved that the Federal Reserve signaled no imminent plans for dialing back asset purchases. Fed Chairman Jerome Powell cautioned that although the economy is making progress toward its goals, it has a ways to go before the central bank would actually adjust its easy policies.
Prices for 10-Year Treasurys sagged, lifting yields to 1.27% from Wednesday’s 1.23%. Treasury prices and yields move in opposite directions.
Oil prices captured 56 cents to $72.95 U.S. a barrel.
Gold prices leaped $28.30 to $1,828 U.S. an ounce.