Strong gross domestic product (GDP) data eventually brought tailwinds to Wall Street, with the economy expanding a better-than-expected 2.9% in the fourth quarter. The Dow added 205 points, while the tech-heavy Nasdaq scored a triple-digit gain, thanks partially to upbeat earnings results from Tesla (TSLA). The S&P 500 settled firmly higher as well, with investors now eyeing next week’s Federal Reserve policy meeting, which could bring a 25 basis point rate hike.
GOLD PRICES SNAP 5-DAY WIN STREAK
Oil prices settled higher on Thursday, as investors remained hopeful that demand from China will pick up as the country eases Covid-19 restrictions. March-dated crude added 86 cents, or 1.1%, to settle at $81.01 per barrel.
Meanwhile, gold prices settled lower and snapped their five-day win streak. Strong GDP growth weighed on the yellow metal, with investors expecting the Federal Reserve to maintain a hawkish stance. February-dated gold shed $12.60, or 0.7%, to settle at $1,930 per ounce.
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