Stocks finished slightly higher Thursday, as investors continue to await further trade updates. The Dow added 43 points, while the S&P 500 gained 0.2%. The Nasdaq Composite climbed 0.3%.
Amidst all of the trade headlines, market participants also digested a flurry of economic updates. The second revision of U.S. first-quarter GDP figure showed the economy expanded at an annualized pace of 3.1% during in the first quarter, revised down by less than anticipated. Separately, a report revealed the U.S. trade deficit widened by a narrower margin than anticipated last month. Additional releases showed initial jobless claims came in at 215,000 in the most recent week and pending home sales dropped 1.5% in April versus projections of a 0.5% gain. Treasuries extended their recent rally with the yield on the 10-year note falling three basis points to 2.22%.
Seven of 11 S&P 500 sectors finished higher with Technology pacing the gains. Energy stocks underperformed as WTI crude declined 3.9% following a smaller than expected drawn down in U.S. stockpiles. In earnings news, Dollar Tree added 3.1% to $98.31 after revenue and same-store sales topping analyst projections. Rival Dollar General jumped 7.2% to $127.00 after delivering a top and bottom line beat. PVH Corp. slipped 14.9% to $84.49 after missing sales estimates and cutting full-year guidance.
In commodities, COMEX gold added 0.5% to $1287.60/ounce. Breadth was positive on issues by 8:7 on the NYSE and negative by 9:8 on the Nasdaq. Composite NYSE Volume totaled more than 3.2 billion shares.