Gross domestic product in the United States rose 2.9 percent in the fourth quarter of last year compared to the same period in 2021. That was more than analysts had predicted: 2.6 percent.
Another report showed that orders for so-called durable goods from the manufacturing industry increased more than expected in December. Fewer Americans than expected also filed for unemployment benefits last week.
The stock market rally was broad – ten of Wall Street’s industry indexes rose. The best sector was the energy companies, whose sector index rose 3.3 percent since the price of crude oil rose.
The broad S&P 500 index rose 1.1 percent, the Dow Jones industrial index rose 0.6 percent and the technology-heavy Nasdaq composite index rose 1.8 percent.