Stocks Closed Higher on Strong Economic Data

U.S. stocks closed higher on Thursday, following an upbeat reading of economic growth. The Dow Jones Industrial Average rose 69.17 points, or 0.33%, to 20,728.49. The S&P 500 added 6.93 points, or 0.29%, to 2,368.06. The Nasdaq Composite gained 16.80 points, or 0.28%, to 5,914.34.

The U.S. economy grew 2.1% in the final three months of 2016, according to the government’s third estimate of growth released Thursday morning. Economists had been expecting GDP growth to come in at 2%.

The number of Americans who applied for unemployment benefits in late March dropped by 3,000 to 258,000, keeping new claims near the lowest level in decades.

Oil prices rose for a third straight session Thursday, with U.S. benchmark crude topping $50 a barrel to finish at a more than three-week high. West Texas Intermediate crude for May delivery added 84 cents, or 1.7%, to settle at $50.35 a barrel. May Brent crude rose 54 cents, or 1%, to $52.96.