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U.S. Stocks Pull Back Off Best Levels But Remain Positive

(RTTNews) - Following the mixed performance seen in the previous session, stocks moved mostly higher during trading on Thursday. With the upward move on the day, the Dow and the S&P 500 set new record intraday highs.

The major averages pulled back off their best levels in afternoon trading but managed to remain positive. The Dow climbed 153.60 points or 0.4 percent to 35,084.53, the Nasdaq inched up 15.68 points or 0.1 percent to 14,778.26 and the S&P 500 rose 18.51 points or 0.4 percent to 4,419.15.

The strength on Wall Street came despite the release of some disappointing U.S. economic data, including a report from the Commerce Department showing economic growth fell well short of estimates in the second quarter.

The weaker than expected data may have added to optimism the Federal Reserve will not be in a hurry to begin scaling back its asset purchases.

On Wednesday, the Fed noted progress has been made towards the central bank's maximum employment and price stability goals, although Fed Chair Jerome Powell noted there is still "some ground to cover on the labor market side."
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