Stocks saw a midday reversal as investors tried to look past another quarterly contraction in the gross domestic product (GDP). While this marks the GDP's second-straight contraction, Wall Street's hope is that this apparent slump in the economy will help prompt the U.S. Federal Reserve to taper off on its aggressive interest rate hike program. By Thursday's close, the Dow was up 332 points, while the S&P 500 and Nasdaq each logged another daily win as well. 

The Dow Jones Average (DJI - 32,529.63) gained 332.04 points or 1% for the day. Nike (NKE) led the gainers, adding 4.1%, while Travelers (TRV) paced the laggards, falling 2%.

The S&P 500 Index (SPX - 4,072.43) jumped 48.8 points or 1.2% for the day. Meanwhile, the Nasdaq Composite (IXIC -12,162.59) tacked on 130.2 points or 1.1% for the session.

Lastly, the Cboe Market Volatility Index (VIX - 22.33) lost 0.9 points or 3.9% for the day. 

GOLD LOGS BEST DAY SINCE MARCH

The GDP's contraction and subsequent recession fears weighed on oil prices today. In response, September-dated crude lost 84 cents, or 0.9%, to settle at $96.42 per barrel. 

Gold logged its second-straight gain and its best day since March after the precious metal's initial Fed-inspired rally was further exacerbated by money managers in short covering mode. October-dated gold added $31.20, or 1.8%, to close at $1,750.30 per ounce.

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