U.S. stocks rose on Thursday, despite new data showing that economic recovery is beginning to slow.
The Dow Jones Industrial Average added more than 150 points in recent trading, reaching an all-day high and hitting an all-time high. The S&P 500 added 0.6%, taking the broader index to new highs. The Nasdaq Composite also rose 0.4%.
Data shows that GDP grew by 6.5% year-on-year in the second quarter, slightly higher than earlier this year, but analysts’ forecasts were much lower than 8.4%. Meanwhile, the projections for layoffs were 400,000 jobless claims, and the above projections come as their recession resumes.
Investors have avoided economic downturns.
Matt Perron, research director at asset management company Janus Henderson Investors, said data such as GDP consumer spending were strong, and that economic recovery had remained the same despite recent concerns about the Covid-19 Delta variant.