Stocks finished higher Thursday. The Dow added 54 points to 26439, while the S&P 500 gained 8 points to 2914. The Nasdaq Composite was up 51 points to 8041.
The major averages rebounded from yesterday’s weakness as a rally in Technology shares provided a tailwind to the market. Yesterday, the Federal Reserve raised its benchmark interest rate for the third time this year, and indicated a fourth hike in December is probable given the current economic conditions. On the data front, the final reading of second-quarter U.S. GDP remained unrevised at 4.2%. Separate updates revealed durable goods orders jumped 4.5%, while wholesale inventories increased 0.8% in August, with both figures topping forecasts.
Eight of 11 S&P 500 sectors finished higher as the Tech companies outperformed. Shares of Apple added 2.1% to $224.95 while Facebook advanced 1.1% to $168.84, and Alphabet climbed 1.1% to $1207.36. Materials stocks were down the most as weakness in precious metal prices weighed on the group. The Telecom sector also provided a tailwind to the market on its second to last trading day before its constituent’s transition into the new Communication Services sector after the market close on Friday.
Breadth was positive on issues by 10:9 on the NYSE and even on issues on the Nasdaq. Composite NYSE volume was more than 3.0 billion shares.
Treasuries were little changed, as the yield on the benchmark 10-year note held steady at 3.05%. In commodities, WTI crude advanced 0.9% to $72.19/barrel. COMEX gold fell 1.0% to $1,182.30/ounce amid a stronger dollar.