Wall Street strongly rebounded Thursday after Wednesday’s slump, driven by stronger-than-expected economic growth in the last quarter, countering concerns of a slowdown.

The U.S. economy posted a notable 2.8% real growth in the second quarter, doubling the first quarter’s pace and exceeding the 2% growth estimate.

Adding to the positive outlook, the Personal Consumption Expenditure (PCE) price index showed cooling price pressures, dropping from 3.4% to 2.6%, signaling progress toward the 2% target.

At midday, major U.S. averages traded positively, with all eleven sectors of the S&P 500 posting gains. The S&P 500 index was up 1%, and the Dow gained a robust 1.3%. The tech-heavy Nasdaq 100 inched 0.9% higher, while small caps, tracked by the iShares Russell 2000 ETF (NYSE:IWM), rallied 2.4%.

Treasury yields fell significantly, with the 30-year yield down 6 basis points to 4.48%, boosting the iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) by 1.8%.

Gold fell 1.6%, likely impacted by the rebound in riskier assets, silver plummeted 3.7%, while oil prices rose 0.7% to $77.80.

Bitcoin (CRYPTO: BTC) fell 1% to $64,750, marking its fourth straight session of losses.

Thursday’s Performance In Major US Indices, ETFs

According to Benzinga Pro data:

• The SPDR S&P 500 ETF Trust (NYSE:SPY) was 0.7% higher to $545.24.
• The SPDR Dow Jones Industrial Average (NYSE:DIA) rose 1.1% to $403.20.
• The tech-heavy Invesco QQQ Trust (ARCA: QQQ) rose 0.5% to $465.53.
• Sector-wise, the Industrials Select Sector SPDR Fund (NYSE:XLI) outperformed, up by 1.9%, while the Communication Services Select Sector SPDR Fund (NYSE:XLC) and the Utilities Select Sector SPDR Fund (NYSE:XLU) lagged, both up 0.6%.

Wednesday’s Stock Movers

Stocks moving on earnings were:

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Image created using artificial intelligence via Midjourney.