U.S. stocks opened higher Thursday, as investors digested economic data that included a stronger-than-expected estimate on gross-domestic-product growth in the second quarter. The Dow Jones Industrial Average
DJIA,
was up 0.2% soon after the opening bell, while the S&P 500
SPX,
climbed 0.7% and the Nasdaq Composite
COMP,
rallied 1.3%, according to FactSet data, at last check. If the Dow finishes higher Thursday, it will mark its 14th straight day of gains in what would be its longest win streak since June 1897, according to Dow Jones Market Data.
U.S. GDP rose at an annual rate of 2.4% during the second quarter, according to an estimate released Thursday by the Commerce Department. That’s stronger than the 2% GDP growth forecast by economists polled by The Wall Street Journal. Meanwhile, the Labor Department said Thursday that jobless claims in the week ended July 22 fell by 7,000 to 221,000. The decline surprised Wall Street analysts, as the economy continues to show resilience despite the Federal Reserve’s interest-rate hikes battling elevated inflation.
