Published on 29 Jul 2022 on Zacks via Yahoo Finance
Wall Street closed sharply higher on Thursday despite a strong recession indication. Market participants considered recent slowness in GDP growth rate as a welcome sign since Fed Chairman already indicted that the central bank may reduce the pace of rate hike going forward depending on data. All the three major stock indexes ended in positive territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) advanced 1% or 332.04 points to close at 32,529.63, marking the highest closing of the blue-chip index in nearly seven weeks. Notably, 24 components of the 30-stock index ended in positive territory while 5 in red and one remained unchanged.