However, weak economic data kept the jubilance muted. According to the Commerce Department, U.S. gross domestic product rose 0.7% at a seasonally adjusted annual rate, compared to expectations of 1% growth.

“We need greater growth,” Kent Engelke, chief economic strategist at Capitol Securities Management, told the WSJ. “Are we having inflation and slow growth and unfolding into a stagflation environment? I’m not saying we’re there yet, but it is something to worry about because it could hurt corporate profits.”

Moreover, other data showed that the University of Michigan’s final April consumer sentiment index was at 97, below expectations of 98.

“The U.S. consumer spending is the most sensitive part of the economy and the GDP data has shown a very disappointing number,” Naeem Aslam, chief market analyst at Think Markets UK, told Reuters. “We do anticipate that it is about time that we will see some reality check here.”

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