- The Nasdaq Composite Index put on 116.51 points, or 1.5%, to close at 7,973.39.
- The Dow Jones Industrial Average, DJIA, climbed back 326.15 points, or 1.3%, to end at 26,362.25.
- The S&P 500 index added36.64 points, or 1.3%, to end at 2,924.58.
Benchmarks in the US were were correcting higher again on Thursday, while investors were enthused by encouraging US and Chinese officials comments feeding their way through the media channels of the past 48-hours. News out of Beijing was more tolerating of the US in their response to the latest round of tariffs imposed by Washington. The Dow Jones Industrial Average, DJIA, climbed back 326.15 points, or 1.3%, to end at 26,362.25, while the S&P 500 index added36.64 points, or 1.3%, to end at 2,924.58. The Nasdaq Composite Index put on 116.51 points, or 1.5%, to close at 7,973.39.
US data
The second revision to Q2 GDP came in line with expectations, rising 2.0% saar vs 2.1% in the first estimate.
"Personal consumption was revised up to 4.7% vs 4.3% as spending on durable goods rose 13% saar. The background to consumption remains very strong and is now supported by lower interest rates. Business investment data were largely unchanged, with equipment investment up 0.7% saar. Net trade dragged: exports fell 5.8% and imports rose 0.1%. Corporate profits were up. The data point to an economy that is becoming over-reliant on consumption for growth,"
analysts at ANZ Bank explained.
DJIA levels
DJIA is attempting to break out of familiar ranges to the upside but remains in bearish territory and under pressure. Should the bulls get above 26500s and hold, then the 26900s will be in focus. On the downside, the 1915 to year-to-date Fibonacci retracement measures has the 23.6% marked at 21000 - below the Dec 2018 lows of 21712. The 21-monthly moving average is located at the May and Jun lows in the 24700s as a double-bottom target. The 23.6% Fibo' of the March 2009 swing lows to all-time highs is located in the 22,200s.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD rose to fresh highs around 1.1240
EUR/USD maintained its bullish momentum on Thursday, climbing to the 1.1240 region as the US Dollar accelerated its decline amid growing concerns about the economic fallout from Trump's tariffs.
GBP/USD picks up pace, challenges 1.3000
GBP/USD made significant gains, edging just pips shy of the psychological 1.3000 barrier. The advance came amid trade war jitters and a sharp sell-off in the Greenback following the announcement of 145% US tariffs on China.
Gold flirts with record peaks near $3,175, Dollar tumbles
Gold continued its record-setting rally on fresh tariff-related headlines, surging past the $3,170 mark per troy ounce after the White House confirmed new tariffs, sparking another round of US Dollar selling.
Cardano stabilizes near $0.62 after Trump’s 90-day tariff pause-led surge
Cardano stabilizes around $0.62 on Thursday after a sharp recovery the previous day, triggered by US Donald Trump’s decision to pause tariffs for 90 days except for China and other countries that had retaliated against the reciprocal tariffs announced on April 2.
Trump’s tariff pause sparks rally – What comes next?
Markets staged a dramatic reversal Wednesday, led by a 12% surge in the Nasdaq and strong gains across major indices, following President Trump’s unexpected decision to pause tariff escalation for non-retaliating trade partners.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.