04:55 PM EDT, 08/29/2024 (MT Newswires) -- The Dow Jones Industrial Average closed at an all-time high Thursday as traders assessed the latest economic data and corporate results, including those from Nvidia ( NVDA ) .

The Dow rose 0.6% to 41,335.1. The Nasdaq Composite fell 0.2% to 17,516.4, while the S&P 500 was little changed at 5,592. Energy led the gainers among sectors, while technology saw the steepest decline.

In economic news, US real gross domestic product grew at a 3% annualized rate in the second quarter, up from the previously projected 2.8% pace, according to a second estimate by the Bureau of Economic Analysis. The consensus on Bloomberg was for a 2.8% print.

"We appear to be in a goldilocks scenario where growth is likely to gradually edge lower through the second half of the year, allowing inflation to drift closer to the (Federal Reserve's) 2% target," TD said in a note to clients. This should pave the way for the Federal Open Market Committee to reduce interest rates by at least 75 basis points by the end of the year, according to the note.

Weekly applications for unemployment insurance in the US decreased, government data showed, with Oxford Economics suggesting that layoffs remain low.

"The Fed has committed to a rate cut in September to guard against labor market weakness, but there is nothing in the claims data to warrant more than a (25-basis-point) cut," the brokerage wrote.

Pending home sales in the US declined last month to the lowest reading in records dating back to 2001, the National Association of Realtors said.

The US two-year yield rose 3.1 basis points to 3.9% Thursday, while the 10-year rate added 2.4 basis points to 3.87%.

In company news, chipmaker Nvidia's ( NVDA ) fiscal second-quarter results surpassed Wall Street estimates late Wednesday as demand for generative artificial intelligence helped drive record revenue.

The company's shares fell 6.4% Thursday, among the steepest declines on the S&P 500 and the Nasdaq. Nvidia ( NVDA ) projects third-quarter consolidated revenue at $32.5 billion, plus or minus 2%. The outlook was above Street estimates, but below a range of $33 billion to $34 billion projected by "many" investors, UBS Securities said in a Thursday note to clients. Overall, the company's key indicators seem "bullish," the brokerage wrote.

Best Buy ( BBY ) shares jumped 14%, the top gainer on the S&P 500, as the electronics retailer lifted its full-year earnings outlook following better-than-expected fiscal second-quarter results.

Cooper (COO) was the second-best performer on the S&P 500, up nearly 12%, after the company late Wednesday logged better-than-expected fiscal third-quarter results.

Dollar General ( DG ) shares plummeted 32%, the worst performer on the S&P 500, after the discount retailer lowered its full-year outlook amid softening sales trends. The company's fiscal second-quarter results missed the Street's estimates.

Dollar Tree ( DLTR ) shares sank 10%, the second-steepest decline on the S&P 500 and the worst on the Nasdaq.

West Texas Intermediate crude oil rose 1.9% to $75.92 a barrel Thursday. Prices rose amid ongoing supply concerns over Libya, D.A. Davidson said in a note to clients.

Gold increased 0.7% to $2,554.30 per troy ounce, while silver gained 0.6% to $29.81 per ounce.