Stocks closed mostly higher Thursday after the latest round of economic data eased recession worries and financial shares jumped following the results of the Federal Reserve's annual stress test.
On the economic front, the final reading on gross domestic product (GDP) showed the U.S. economy grew at a 2% annualized pace in the first quarter, up from the previous reading of 1.3%. "The updated estimates primarily reflected upward revisions to exports and consumer spending that were partly offset by downward revisions to non-residential fixed investment and federal government spending," the report from the Bureau of Economic Analysis stated.
