Stock market news today: US stocks rise on positive economic data

📆 6/30/2023 10:19 AM
📰 BusinessInsider

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US stocks rise after fresh batch of positive economic data and bank stress tests

Stocks ended mostly higher on Thursday on upbeat economic news and positive results of the latest bank stress tests from the Federal Reserve.

The Dow Jones Industrial Average gained more than 200 points, while whe S&P 500 and Nasdaq Composite traded nearly flat. Traders were encouraged by a revision to second quarter US GDP, which came in at 2%, up from original estimates of 1.4%. The latest figures have bolstered investors' confidence in the economy, which has held up despite the Fed's aggressive monetary policy over the past year.

Meanwhile, big lenders on Wall Street passed their annual stress tests from the Federal Reserve, leading to a rally in bank stocks. Shares of Bank of America and JPMorgan rose about 3% through the course of the day. Wells Fargo shares ended the day nearly 5% higher.

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