Stocks rally as GDP falls short, Robinhood IPO on tap

Grant’s Interest Rate Observer founder and editor Jim Grant comments on Jerome Powell’s decision on rates.

U.S. stock indexes were higher Thursday as traders assessed the disappointing gross domestic product report ahead of Robinhood Markets Inc.’s initial public offering. 

Ticker Security Last Change Change %I:DJI DOW JONES AVERAGES 35125.67 +194.74 +0.56%SP500 S&P 500 4426.22 +25.58 +0.58%I:COMP NASDAQ COMPOSITE INDEX 14825.524129 +62.94 +0.43%

The Dow Jones Industrial Average rose 222 points, or 0.64%, while the S&P 500 advanced 0.36%, both hitting fresh records. This as the Nasdaq Composite ticked up 0.05%. The gains come a day after markets closed mixed following the Federal Reserve’s decision to keep policy on hold, with emergency measures in place, while reiterating its belief that inflation remains transitory. 

U.S. GDP grew at a 6.5% seasonally adjusted annualized rate in the second quarter, according to the Census Department. The…

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