Indexes Climb As GDP, Tesla Beat Expectations

• Stocks climbed Thursday following the discharge of better-than-expected fourth quarter GDP data.
• The Commerce Department reported that GDP rose last quarter at a 2.9% annualized pace, above the expected 2.8%.
• Meanwhile, Tesla reported record revenue in its Wednesday earnings report.

US stocks climbed Thursday following the discharge of better-than-expected economic growth data, in addition to a robust fourth-quarter earnings report from Tesla.

The Commerce Department reported that gross domestic product for the fourth quarter rose at a 2.9% annualized pace, above the two.8% expected from Dow Jones economist.

The figure was below the three.2% pace within the third quarter, nonetheless, and concerns about economic growth for the yr ahead remain.

Individually, weekly jobless claims dropped by 6,000, right down to 186,000. That is below the 205,000 expected by Dow Jones economists, and marks the bottom level since April 2022.

Meanwhile, on Wednesday, Tesla reported record revenue of $24.32 billion for the fourth quarter, above the expected $24.16 billion. Earnings per share got here in at $1.19, versus the $1.13 expected. 

Here’s where US indexes stood because the market opened 9:30 a.m. on Thursday: 

Here’s what else is occurring: 

In commodities, bonds, and crypto: 

• Oil prices climbed, with West Texas Intermediate up 2.20% to $81.90 a barrel.
• Brent crude, the international benchmark, inched higher 1.95% to $87.82 a barrel.
• Gold edged lower 0.12% to $1,940.20 per ounce.
• The ten-year yield ticked higher 1 basis point to three.473%.
• Bitcoin moved higher 1.15% to $23,157.01.