Stock Market Today: Booming GDP Growth Triggers Another S&P Record

America's first-quarter economic growth eclipsed Kiplinger estimates, and jobless claims came in lower, too, helping spark more gains across the market Thursday.

Concept art of the U.S. lit up at night
(Image credit: Getty Images)

Stocks didn't take the most conventional path to gains Thursday, but they climbed the ladder nonetheless as the U.S. economy continued to flex its recovering muscles.

The Commerce Department revealed that U.S. GDP grew by a seasonally adjusted annual rate of 6.4% during the first quarter of 2021, exceeding Kiplinger's forecast for 5.5% though coming in a little shy of consensus estimates for 6.7%.

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Kyle Woodley

Kyle Woodley is the Editor-in-Chief of WealthUp, a site dedicated to improving the personal finances and financial literacy of people of all ages. He also writes the weekly The Weekend Tea newsletter, which covers both news and analysis about spending, saving, investing, the economy and more.

Kyle was previously the Senior Investing Editor for Kiplinger.com, and the Managing Editor for InvestorPlace.com before that. His work has appeared in several outlets, including Yahoo! Finance, MSN Money, Barchart, The Globe & Mail and the Nasdaq. He also has appeared as a guest on Fox Business Network and Money Radio, among other shows and podcasts, and he has been quoted in several outlets, including MarketWatch, Vice and Univision. He is a proud graduate of The Ohio State University, where he earned a BA in journalism. 

You can check out his thoughts on the markets (and more) at @KyleWoodley.