Stocks Extend Rally, Shrug Off Surprise Drop in Q1 GDP; Fifth Rise in Six Days Lifts S&P 500 to New Record

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A 1% contraction for the U.S. economy during the first three months of the year was not enough to derail Wall Street from another day of gains, with the S&P 500 pushing to a new all-time high while the Dow Jones Industrials Average and the Nasdaq Composite index also posted moderate gains. All 10 industry sectors in the S&P 500 rose today, paced by advances for energy and materials stocks along with shares of consumer companies. Investors focused on the GDP report's details, including improved consumer spending, over the headline shocker.



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