Wall Street rallied robustly on Thursday, with traders embracing a risk-on approach after government data revealed the U.S. economy grew by 3% in the second quarter, outpacing earlier estimates of 2.8%, driven by strong upward revisions in household consumption.
The upbeat market sentiment prevailed even as NVIDIA Corp. (NASDAQ:NVDA), the year’s top-performing S&P 500 stock, slipped over 3% following its earnings report, with revenue projections for the current quarter failing to impress the heightened expectations.
Other semiconductor stocks decoupled from Nvidia and showed strong gains, with the broader iShares Semiconductor ETF (NYSE:SOXX) up over 2%.
Small caps rallied 1.4%, positively reacting to the upwardly revised GDP data. The Dow Jones Industrial Average rose 1.1%. achieving fresh record highs to over 41,500 points.
Commodities gained strength, with natural gas rallying 2%, oil prices climbing 1.6%, gold advancing 0.8%, and silver rising 1.3%.
Bitcoin (CRYPTO: BTC) ...
