01:47 PM EDT, 08/29/2024 (MT Newswires) -- US equity indexes rose after midday Thursday, with energy and industrials leading the gainers, as a drop in Nvidia ( NVDA ) shares following its results overnight failed to undermine investor confidence across the market.

The Dow Jones Industrial Average was 1% higher at 41,519.8 after reaching 52-week high of 41,577.97 earlier in the day. The S&P 500 climbed 0.8% to 5,638.1, with the Nasdaq Composite up 1.1% to 17,746.4. Real estate and consumer staples were the only decliners intraday.

The mainstream indexes rallied despite a 3.5% intraday drop in Nvidia ( NVDA ) share price. "Nvidia ( NVDA ) traded down in immediate post-market trading related in part to somewhat frothy expectations around where guidance would land and what we long considered be unrealistic expectations the company had set three months ago around the timing for Blackwell volume shipments and how much revenue it would see this year," according to a UBS note.

Nvidia's ( NVDA ) fiscal Q2 "masterpiece performance" underpins the bullish outlook for the artificial intelligence "revolution," Wedbush Securities said in a note, implying the so-called AI trade is not at risk following the results.

Meanwhile, most Treasury yields rose, with the 10-year up 2.2 basis points to 3.86%, reflecting the strength in the macroeconomic data. The two-year yield gained 2.2 basis points to 3.89%.

US gross domestic product growth was revised to 3% for Q2 from a 2.8% gain in the advance estimate, beating expectations for no revision in a survey compiled by Bloomberg. GDP rose 1.4% in Q1.

US initial jobless claims last week slid to 231,000 from an upwardly revised 233,000 in the previous week, below expectations for 232,000 in a survey compiled by Bloomberg. The four-week moving average fell to 231,500 from 236,250, a third straight weekly decline.

In company news, Best Buy ( BBY ) shares soared 15%, the biggest gain on the S&P, after the company reported an increase in fiscal Q2 adjusted earnings and raised fiscal 2025 guidance.

Cooper (COO) shares jumped 12% intraday, the second-largest gain on the S&P, after reporting higher fiscal Q3 non-GAAP earnings and revenue. The company also raised earnings guidance for fiscal 2024.

Dollar General ( DG ) shares tumbled nearly 30% intraday, the steepest drop on the S&P 500, after the company reported fiscal Q2 results trailing market expectations and lowered the outlook for fiscal 2024.

West Texas Intermediate crude oil jumped 1.5% to $75.67 a barrel.

"In Libya, oil production in the eastern part of the country is shut due to fractions over the control of the embattled OPEC member's central bank," PVM Oil Associates said in a note. As much as 1 million barrels per day of output "might be affected for several weeks," the note cited estimates from Rapidan Energy Group.

Gold rose 0.8% to $2,558.51 an ounce, and silver climbed 1% to $29.49.