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%.

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