Markets Surge Despite Drop In US GDP

U.S. indices traded higher Thursday despite a drop in U.S. GDP. Strength in stocks is possibly due to better-than-expected quarterly earnings from multiple companies as well as a rebound following a selloff earlier in the week.

U.S. GDP unexpectedly declined 1.4% in the first quarter, falling well short of consensus economist estimates of 1% growth… Read More

• The Nasdaq composite finished higher by 3.06% to 12,871; The Invesco QQQ Trust Series 1 QQQ gained 3.55% to $328.01
• The S&P 500 traded higher by 2.48% to 4,287; The SPDR S&P 500 ETF Trust SPY gained 2.52% to $427.77
• The Dow Jones composite finished higher by 1.99% to 11,628; The SPDR Dow Jones Industrial Average ETF Trust DIA finished higher by 1.89% at $339.31

Here are the day's winners and losers from the Dow Jones, according to data from Benzinga Pro.

Salesforce Inc CRM, Merck & Co., Inc. MRK and Nike Inc NKE were among the top gainers for the DIA.

Amgen, Inc. AMGN, Caterpillar Inc. CAT and Boeing Co BAwere among the top losers for the Dow Jones.

Elsewhere On The Street

A brutal 12 months for Teladoc Health Inc TDOC went from bad to much worse on Thursday when the stock dropped another 43% after the company reported much larger-than-expected losses in the first quarter and slashed its 2022 guidance… Read More

Mortgage rates remained on the high side this week while pending home sales continued to decline and mortgage delinquency rates also recorded downward motion… Read More

A proposed bill will allow cannabis growers in California to sell their cannabis products at licensed events, such as farmer markets… Read More