Wall Street Closes Sharply Higher

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The US three major averages closed sharply higher on Thursday, following a broad sell-off in the previous day after fresh data revealed that the US economy grew weaker-than-expected, cementing bets for further interest rate cuts from the Federal Reserve. The S&P 500 and the Nasdaq advanced by 1% and 1.1%, respectively, and the Dow Jones finished 322 points higher. Latest data showed that the US GDP was revised slightly lower to 4.9%, and the Philadelphia Fed Manufacturing Index came way below forecasts. On the corporate front, Tesla gained almost 3% after reports that the US is considering tariff hikes on Chinese EV manufacturers. Meta added 1.4% to $354 and is on pace for its best year ever, and Salesforce advanced 2.7% following an upgrade from Morgan Stanley. Boeing added 0.7% after news that the company is set to restart deliveries of its 787 Dreamliner to China. After the bell, Nike is on tap to report quarterly results.

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