U.S. stocks jumped on Thursday after data showed the U.S. economy grew faster than expected in the last quarter, soothing recent worries about the strength of the recovery.
Corporate earnings that topped expectations also propelled the market higher, including Motorola Inc
The first estimate of third-quarter gross domestic product showed the U.S. economy grew for the first time in a year, unofficially ending the worst recession in 70 years.
The data provided fuel for the S&P 500 index to resume its seven-month run-up after the broad index had sagged for four straight days. Investors looking for confirmation the economy is stabilizing had pegged their hopes on the GDP report.
The GDP report was very strong, and components of it were strong as well, said Tim Ghriskey, chief investment officer of Solaris Asset Management in Bedford Hills, New York. We are at least going to start the market out making up part of yesterday's losses.
Dow component Exxon Mobil Corp
The Dow Jones industrial average <.DJI> added 43.53 points, or 0.45 percent, to 9,806.22. The Standard & Poor's 500 Index <.SPX> put on 6.19 points, or 0.59 percent, to 1,048.82. The Nasdaq Composite Index <.IXIC> gained 12.32 points, or 0.60 percent, to 2,071.93.
(Additional reporting by Chuck Mikolajczak; Editing by Padraic Cassidy)