U.S. stocks rose on Thursday, with the S&P 500 rising 0.5% to a new record close of 4,894.16, thereby continuing its growth after marking its fourth straight record close on Wednesday. The Dow Jones Industrial Average jumped by 0.6%, while the tech-heavy Nasdaq Composite edged 0.2% higher.
Such gains occurred despite downbeat earnings reported by EV maker Tesla. Stocks in the company fell by 12% after top-line revenue of $25.17 billion for the fourth quarter fell short of an expected $25.87 billion. Adjusted net income totaled $2.48 billion, lower than an expected $2.61 billion. The company lowered its full-year outlook as a result.
Economic data came in hot, with the fourth quarter US gross domestic product (GDP) showing that the US economy grew by 3.3% on an annual basis. This significantly outpaced the 2% growth expected by economists.