The Dow strung its fifth consecutive win together on Thursday, adding 194 points after a better-than-expected gross domestic product (GDP) reading pointed to slowing inflation. The S&P 500 settled in the red after switching between gains and losses for most of the day, while the Nasdaq logged steep losses on the heels of Meta Platform's (META) dismal quarterly report.

Investors remain hopeful the market will rally within the next six months, though, per the latest American Association of Individual Investors (AAII) survey, which revealed bullish sentiment rose to 26.6% -- its highest level since August.

The Dow Jones Average (DJI - 32,033.28) added 194.2 points or 0.6% for the day. Caterpillar (CAT) led the gainers, adding 7.7%, while Intel (INTC) paced the laggards with a 3.5% loss.

The S&P 500 Index (SPX - 3,807.30) shed 23.3 points, or 0.6% for the day. Meanwhile, the Nasdaq Composite (IXIC - 10,792.67) fell 178.3 points, or 1.6% for the session.

Lastly, the Cboe Volatility Index (VIX - 27.39) added 0.1 points or 0.4% for the session.

GDP READING SENDS GOLD, OIL IN OPPOSITE DIRECTIONS

Oil prices settled higher on Thursday, marking their third consecutive win thanks to the better-than-expected quarterly GDP reading. December-dated crude gained $1.17, or 1.3%, to finish at $89.08 per barrel.

Meanwhile, gold prices pivoted lower from their best settlement in roughly two weeks. The GDP number had a negative effect on the safe haven asset. December-dated gold shed $3.60, or 0.7%, to close at $1,665.60 an ounce.

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