The Dow added 49.38 points, or 0.3%, to close at 16867.51, near the session’s highs. The S&P 500 climbed 9.55 points, or 0.5%, to 1959.53, while the Nasdaq Composite Index rose 29.40 points, or 0.7%, to 4379.76.
Stocks had initially wavered after the final reading on first-quarter U.S. gross domestic product came in worse than expected, showing a 2.9% contraction versus a previous estimate of a 1% decrease. A separate reading showed orders for durable goods in May declined 1%, compared with expectations they would remain flat.
Market watchers said it was difficult to pin down a specific reason for Wednesday’s gains, but most agreed the GDP number, though worse than forecast, had already been factored into stock prices through two previous estimates. And so far, more recent second-quarter data point to an economy that has improved as warm weather helped drive consumers and open work sites.
Overseas markets were lower following declines on Wall Street. The Stoxx Europe 600 fell 1.1%, while Japan’s Nikkei fell 0.7%. Shares in Dubai rose after a three-day rout, with the benchmark DFM index rising 6.1%.
Crude-oil futures edged up 0.4% to settle at $106.50 a barrel, while gold futures gained 0.1% to settle $1,322.20 a troy ounce.