Dow Surges Over 100 Points; US GDP Growth Tops Estimates

U.S. stocks traded higher this morning, with the Dow Jones index gaining over 100 points on Thursday.

Following the market opening Thursday, the Dow traded up 0.33% to 37,932.33 while the NASDAQ rose 0.37% to 15,538.69. The S&P 500 also rose, gaining, 0.40% to 4,887.88.

Check This Out: Netflix To Rally Around 18%? Here Are 10 Top Analyst Forecasts For Wednesday

Leading and Lagging Sectors

Real estate shares rose by 1.2% on Thursday.

In trading on Thursday, consumer discretionary shares fell by 1.1%.

Top Headline

The US economy grew an annualized 3.3% in the fourth quarter, versus market estimates of a 2% rise, and compared to a 4.9% rate in the prior quarter.

Equities Trading UP

Onconetix, Inc. (NASDAQ:ONCO) shares shot up 156% to $0.3798 after falling over 4% on Wednesday.

Shares of Processa Pharmaceuticals, Inc. (NASDAQ:PCSA) got a boost, surging 134% to $4.79 after the company announced the completion of the safety tolerability evaluation in its Phase 1b trial of Next Generation Capecitabine.

LAVA Therapeutics N.V. (NASDAQ:LVTX) shares were also up, gaining 45% to $2.2445 after the company partnered with Merck to evaluate LAVA-1207 in combination with KEYTRUDA.

Equities Trading DOWN

RedHill Biopharma Ltd. (NASDAQ:RDHL) shares dropped 43% to $0.6154 after the company announced an $8 million registered direct offering.

Shares of Akoustis Technologies, Inc. (NASDAQ:AKTS) were down 32% to $0.48 after the company announced pricing of public offering of $10.0 million of common stock.

Intelligent Bio Solutions Inc. (NASDAQ:INBS) was down, falling 23% to $0.2259 after the company announced a reverse stock split.

Also Check This Out: Top 3 Tech Stocks That May Plunge This Month

Commodities

In commodity news, oil traded up 1.5% to $76.25 while gold traded up 0.1% at $2,018.50.

Silver traded up 0.6% to $23.015 on Thursday while copper rose 0.1% to $3.8890.

Euro zone

European shares were lower today. The eurozone’s STOXX 600 fell 0.2%, London’s FTSE 100 fell 0.1% while Spain’s IBEX 35 Index fell 1% The German DAX fell 0.4% French CAC 40 fell 0.3% while Italy’s FTSE MIB Index fell 0.8%.

The Ifo Business Climate indicator for Germany declined to 85.2 in January versus a revised reading of 86.3 in the prior month. Producer prices in Spain fell by 6.3% year-over-year in December, while manufacturing climate indicator in France came in unchanged at 99 for January.

Asia Pacific Markets

Asian markets closed mostly higher on Thursday, with Japan’s Nikkei 225 gaining 0.03%, Hong Kong’s Hang Seng Index climbing 1.96% and China’s Shanghai Composite Index gaining 3.03%. India’s S&P BSE Sensex, meanwhile, fell 0.51%.

Imports to Hong Kong jumped by 11.6% year-over-year to $446.3 billion in December, while exports from Hong Kong rose 11% year-over-year to $386.4 billion.

Economics

The US economy grew an annualized 3.3% in the fourth quarter, versus market estimates of a 2% rise, and compared to a 4.9% rate in the prior quarter.

U.S. initial jobless claims increased by 25,000 to 214,000 in the week ending Jan. 20.

The US trade deficit in goods narrowed to $88.5 billion in December versus a revised $89.3 billion in the prior month.

The Chicago Fed National Activity Index declined to -0.15 in December versus a revised 0.01 in the previous month.

Wholesale inventories in the U.S. increased by 0.4% month-over-month in December.

New orders for manufactured durable goods in the U.S. came in unchanged for December.