Markets Close Strong Half
The US economy grew at a much stronger rate in the first quarter of the year, according to revised figures released Thursday, reporting annualized growth of 2%—a larger-than-normal revision from 1.3%. Economists credited robust consumer spending and higher-than-expected exports for the boost.
Meanwhile, the stock market ended one of its better first halves of the year Friday, with the Nasdaq, S&P 500, and Dow up 31.7%, 15.9%, and 3.8% for the year, respectively. It marks the Nasdaq's best start to a year since 1983, due mostly to growth in tech stocks amid a surge in AI development.
Key to the success was Apple, which saw its stock price jump over 2% Friday to close the day with a market capitalization of $3T, a first for a publicly traded company.