Stocks higher following latest economic data

By StocksFOXBusiness

What’s driving the market selloff?

The Stock Swoosh’s Melissa Armo and David Nelson, chief strategist at Belpointe Asset Management, on what's causing the market selloff.

The major U.S. stock market indexes closed higher Thursday after the latest reading on U.S. economic growth.

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The Dow Jones Industrial Average climbed 98.46 points to 24,216.05. The S&P 500 rose 16.68 points to 2,716.31. The Nasdaq Composite added 58.6 points to close at 7,503.68.

Traders digested the final read on 1Q Gross Domestic Product, which came in at 2.0% slightly below the 2.2% economists were forecasting. The volatility in U.S. and global markets may continue after investors digest updates on the economy and take in moves from the Trump Administration that will impact business here in the U.S.

"With Trump picking fights on multiple fronts and no sides showing any willingness to back down, we may have to get used to this risk averse environment in the near-term," said Craig Erlam, Senior Market Analyst at Oanda. "Markets have a tendency to move on though if we go a few weeks without any further escalation and gradually become less sensitive to the rants and reactions of those involved."

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Other economic data released Thursday included weekly jobless claims. Applications for jobless claims came in above analysts' expectations, with 227,000 people filing for benefits in the prior week versus the 220,000 Thomson Reuters consensus estimate

TickerSecurityLastChange%Chg
I:DJIDOW JONES AVERAGES26031.81+181.18+0.70%
SP500S&P 5002792.67+17.79+0.64%
I:COMPNASDAQ COMPOSITE INDEX7527.5449+67.84+0.91%

In Thursday’s trading around the globe, China’s Shanghai Composite closed the day down 0.9%, falling deeper into a bear market, down more than 20% from its high.

Stocks retreated Wednesday, with all three major U.S. indexes turning negative after what was a fairly upbeat session.

The tech-heavy Nasdaq Composite led the selloff with Amazon, Google.

Commodities were mostly lower but oil was higher again, touching its highest level in three and a half years. U.S. crude jumped nearly 1% to $73.45.

FOX Business’ Ken Martin contributed to this article.