July 29 (UPI) — The Dow Jones Industrial Average gained 153 points on Thursday despite disappointing economic data and a turbulent market debut for trading app Robinhood.
The blue-chip index climbed 0.44%, touching an intraday record and the S&P 500 increased 0.42% while also hitting a new high. The tech-heavy Nasdaq Composite lagged behind rising 0.11%.
Markets prospered as the Commerce Department reported that the U.S. economy grew 6.5% in the second quarter, falling short of analysts’ expectations but indicating sustained growth of the domestic economy after months of turmoil last year due to the COVID-19 pandemic.
Craig Erlam, senior market analyst at Oanda, told CNBC the number was the result of a drop in inventories and was “nothing to be too concerned about.”
“Initial and continuing claims came in slightly higher than expected. That certainly justifies a more patient approach from the Fed though,” Erlam said.
Robinhood stock made its initial public offering trading on the Nasdaq Composite on Thursday, opening at a price of $38 per share.
The stock dropped 5% in its first half-hour of trading and ended the day down 8.37%.
In a pair of unusual moves, the investing app offered about a third of its shares to its own users and allowed its employees and others to sell up to 15% of their shares immediately and another 15% after three months.
Ford stock climbed 3.75% after the company raised its 2021 outlook after reporting profits in the second quarter, while Paypal dropped 6.23% and Facebook fell 4.01% after warning of slower growth after their earnings reports.
