Indices closed in the green zone on Thursday. Bank of America led the Dow’s ascent. Stocks stepped up amid the release of varied economic news. The Bureau of Economic Analysis issued a second estimate on U.S. first-quarter gross domestic product. The reading showed GDP increased by an annual rate of 2.4%. Up from a 0.4% jump in the fourth quarter, but slightly shy of the prior estimate of 2.5%, economists were expecting the estimate to remain at 2.5%. Meanwhile the Labor Department said that initial jobless claims ticked up by 10,000 to 354,000 last week. Economists were expecting 340,000 new claims. On another note, the National Association of Realtors said pending home sales edged up by a less-than-expected 0.3% in April, following a 1.5% rise in March. Economists had expected a 1.1% upswing in April.
Disclosures:
All material presented is compiled from sources believed to be reliable and current, but accuracy cannot be guaranteed. The contents are intended for general information purposes only. Information provided should not be the sole basis in making any decisions and is not intended to replace the advice of a qualified professional, such as a tax consultant, insurance adviser or attorney. Although this material is designed to provide accurate and authoritative information with respect to the subject matter, it may not apply in all situations. Readers are urged to consult with their adviser concerning specific situations and questions. This is not to be construed as an offer to buy or sell any financial instruments. It is not our intention to state, indicate or imply in any manner that current or past results are indicative of future profitability or expectations. As with all investments, there are associated inherent risks. Please obtain and review all financial material carefully before investing.