The Nasdaq Composite rose Thursday as traders combed through the latest batch of corporate earnings and fourth-quarter gross domestic product that came in above expectations.
Stocks were mixed, with the tech-heavy index last up 0.8%. The Dow Jones Industrial Average traded 60 points, or 0.2% higher, while the S&P 500 added 0.4%.
GDP data released Thursday showed the economy expand at an annualized rate of 2.9% during the fourth quarter, the Commerce Department said. That's above the 2.8% Dow Jones estimate, but represents a slight cooldown from the third-quarter reading.
"With today's better-than-expected GDP number, I think investors are thinking maybe we can get away with a pretty soft, mild recession that is not likely to throw us into an even deeper bear market when all is said and done," said Sam Stovall, CFRA Research's chief investment strategist.
Meanwhile, earnings season trudged on, with strong results from Tesla giving the Nasdaq and electric vehicle stocks a boost. Tesla jumped 8% after posting record revenue and solid earnings. Beaten-up technology giants Microsoft, Apple, Amazon and Alphabet also traded slightly higher.
Airline earnings also rolled out, with Southwest falling 5% on a larger-than-expected loss fueled by its holiday meltdown. American Airlines fell despite a fourth-quarter beat. United and Delta also moved lower.
Elsewhere, Chevron added 3% after announcing a $75 billion share repurchasing program.
All the major averages are headed for weekly, and monthly, gains. The Dow and S&P are up 0.9% and 1.2% so far this week, respectively. The Nasdaq has gained 1.9% this week and is on pace for its best month since July.
Focus now shifts to next week's Federal Reserve policy meeting, where the central bank is widely expected to announce a 25 basis point increase as it battles high inflation. Investors will be on the lookout for clue into how much further the Fed intends to hike before it cuts rates.
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January 27, 2023 at 12:19AM
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Nasdaq rises after strong GDP report, Tesla jumps 8% - CNBC
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