Overview
- U.S. stocks ended a six-session slide with a broad rally, and the Dow closed up 790.33 points at 49,652.14.
- The Nasdaq Composite finished at an all-time closing high of 24,892.31 after a strong day for major technology names.
- The Commerce Department’s preliminary estimate showed first-quarter U.S. gross domestic product grew at a 2.0% annual rate, which supported buying.
- Earnings from Caterpillar, a bellwether for global industrial demand, encouraged interest in cyclical shares tied to economic growth.
- Oil futures fell after a recent run of gains, easing cost concerns for investors as the Dow’s intraday advance briefly approached a 900-point jump.