Stock market news today: Stocks rise after upbeat data

US stocks edged higher Thursday as markets digested economic data and bank stress tests by the Federal Reserve.

The S&P 500 has gained about 6.5% in the quarter, and is on track for its third consecutive quarter of gains. In June alone, the index is up 4.7%. Amid swirling recession concerns, a new estimate for first-quarter GDP came in higher than expected at 2%, above the 1.4% predicted by economists. Jobless claims, meanwhile, fell to the lowest mark since May, hitting 239,000, versus the expected 270,000. The signs point to enduring economic resilience despite talk of an imminent slowdown of the US economy.

At a conference in Portugal on Wednesday, Jerome Powell reiterated his stance that more policy tightening is on the way as inflation remains above target. The central bank chief nodded to the possibility at consecutive rate hikes at upcoming meetings. Bank stocks rose, meanwhile, after the biggest US lenders passed the Fed's annual stress test. Shares of Bank of America, JPMorgan, and Wells Fargo all rose by about 3%.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Nvidia, AMD stocks hit by reported China chip ban, and other stocks on the moveNvidia and AMD were among chip stocks falling on Wednesday, while Overstock, Blue Apron and AeroVironment were also active.
Source: MarketWatch - 🏆 3. / 97 Read more »

U.S. stocks open lower as chip stocks fall, investors await comments from Fed Chair PowellU.S. stock indexes opened lower on Wednesday as chip stocks tumbled after a report that Washington lawmakers are considering new curbs on export of chips for AI to China. The Dow Jones Industrial Average shed 0.2%:
Source: MarketWatch - 🏆 3. / 97 Read more »

Stock market news today: Dow ends slump on strong economic dataDow snaps losing streak as US stocks jump on strong economic data
Source: BusinessInsider - 🏆 729. / 51 Read more »

Stock market: Gen Z turns to TikTok for investing advice despite risks - USA TODAYGen Z's debt has ballooned. markjsovel and USATODAYmoney reporter Medora Lee discuss how worrisome that is:
Source: USATODAY - 🏆 100. / 63 Read more »

Stock market today: Global shares mixed despite Wall Street rallyGlobal shares were mixed on Wednesday despite a rally on Wall Street driven by optimism over reports suggesting the American economy is in better shape than feared.
Source: wjxt4 - 🏆 246. / 63 Read more »