U.S. stocks end higher as investors look past weaker-than-expected GDP data

U.S. stock indexes ended solidly higher Thursday, with the Dow and the S&P 500 index finishing higher for the first time in three sessions, as investors weighed a weaker-than-expected updated report on U.S. economic growth in the second quarter and a woeful public market debut for trading platform Robinhood Markets Inc. HOOD, -8.37%. The Dow Jones Industrial Average DJIA, +0.44% closed up by about 154 points, or 0.4%, at 35,085; the S&P 500 index rose 0.4% to 4,420. Both indexes touched all-time intraday trading highs before paring those gains somewhat. The Commerce Department said U.S. gross domestic product grew at an annualized pace of 6.5% in the second quarter, falling short of the average forecast of 9.1% produced by a survey of economists by The Wall Street Journal. Separately, data from the Labor Department showed first-time applications for unemployment benefits fell 24,000 last week to 400,000. Meanwhile, Robinhood closed down 8.4% in its first day as a publicly traded entity on the Nasdaq Inc. NDAQ, +0.62%. The trading platform opened at $38 Thursday afternoon. In other corporate news, Trevor Milton, the founder of Nikola Corp. NKLA, -15.22%, was indicted Thursday on securities-fraud charges for allegedly lying to investors about its business making commercial trucks powered by alternative fuel. Meanwhile, the 10-year Treasury note TMUBMUSD10Y, 1.271% edged slightly higher at 1.269%, up 1 basis point, after the Federal Reserve kept rates unchanged at a range between 0% and 0.25% on Wednesday and signaled that it may be leaning toward ending its accommodative measures.

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