U.S. stocked closed higher Thursday after a data report showed third-quarter GDP grew faster than expected.
The economy grew at a 2.6% annualized pace for the quarter, against the Dow Jones estimate for 2.3% growth, according to the Commerce Department.
The Dow Jones Industrial Average rose 198.72 points, or 0.62%, to close at 32,037.83. The S&P 500 dropped 22.59 points, or 0.59%, to 3,808.01, and the Nasdaq Composite fell 178.32 points, or 1.63%, to 10,792.67.
It was the fifth-straight day that the Dow closed higher.
“The GDP release this morning was a goldilocks number for risk assets,” Cliff Hodge, chief investment officer at Cornerstone Wealth, told CNBC. “This is another sign pointing to the likelihood that the worst of inflation may be behind us.”
The Nasdaq was dragged down by disappointing earnings reports from Alphabet (GOOG), Microsoft (MSFT) and Meta Platforms (META). Shares of Meta plunged more than 24.56%, or $31.88, to $97.94 after the social media giant reported its earnings fell short of analysts’ expectations.
Some of the tech stocks that declined included Apple (AAPL), which closed at $144.80, down $4.55, or 3.05%. Qualcomm’s (QCOM) price of shares fell $3.41, or 2.89%, to close at $114.70.