U.S. stocks rose Thursday as investors mulled over a better-than-expected fourth-quarter GDP report and an update from the Federal Reserve on its rate hike plan.
The Dow Jones Industrials popped 470.84 points, or 1.4%, to 34,638.93
The S&P 500 recovered 57.44 points, or 1.3%, to 4,407.37.
The NASDAQ surged 141 points, or 1%, to 13,683.12.
Netflix jumped more than 8% on news that Pershing's Bill Ackman bought 3.1 million shares. ServiceNow surged 11.7% after better-than-expected quarterly results.
On the downside, Intel lost 6% and Tesla fell 5% despite a strong earnings report. Robinhood dipped 2% ahead of reporting quarterly results after the closing bell.
Investors continued to digest the latest update on monetary policy as the Federal Open Market Committee strongly indicated the first interest rate hike since late 2018 could come as soon as March.
Fed Chairman Jerome Powell rattled markets Wednesday saying the central bank has "quite a bit of room" to raise rates before negatively impacting employment.
Fourth-quarter gross domestic product jumped 6.9% from the year prior, the Commerce Department reported Thursday. Economists surveyed by Dow Jones expected the economy grew at a 5.5% annualized pace in the final three months of 2021.
Prices for 10-year Treasurys gained ground, lowering yields to 1.81% from Wednesday's 1.87%. Treasury prices and yields move in opposite directions.
Oil prices eases back five cents to $87.30 U.S. a barrel.
Gold prices lost $37.20 to $1,792.50 U.S. an ounce.