02:40 PM EDT, 07/25/2024 (MT Newswires) -- US benchmark equity indexes were higher intraday as traders analyzed the latest corporate earnings and official data showing that the economy grew at a stronger-than-projected pace in the second quarter.

The Dow Jones Industrial Average was up 0.9% at 40,220.3 after midday Thursday, while the S&P 500 and the Nasdaq Composite rose 0.6% each to 5,460.5 and 17,447.4, respectively. Among sectors, industrials and energy led the gainers, while utilities and communication services saw the steepest declines.

In company news, ServiceNow ( NOW ) and Molina Healthcare ( MOH ) shares jumped 15% each, the best performers on the S&P 500. The companies late Wednesday posted better-than-expected second-quarter results.

IBM ( IBM ) was the top gainer on the Dow, up 5.8%. The company late Wednesday reported second-quarter earnings that unexpectedly increased year over year as momentum in its software division propelled consolidated revenue above Wall Street's estimates.

Ford Motor ( F ) was the second-worst performer on the S&P 500, down 17%. The automaker's second-quarter earnings late Wednesday came in below market estimates amid higher warranty costs and expenses, as the company continues to project a full-year loss for its electric vehicle business.

Honeywell International's ( HON ) second-quarter results came in ahead of the Street's estimates, while the industrial conglomerate updated its full-year outlook amid recently announced acquisitions. The company's shares were down 4.3% intraday, the steepest decline on the Dow.

L3Harris Technologies ( LHX ) and DexCom ( DXCM ) , among others, are scheduled to report results after Thursday's closing bell.

The US two-year yield was up 2.7 basis points at 4.44% intraday, while the 10-year rate fell 2.4 basis points to 4.26%.

In economic news, US real gross domestic product rose at an annual rate of 2.8% in the June quarter, according to an advance estimate by the Bureau of Economic Analysis. The consensus was for a 2% gain in a survey compiled by Bloomberg. The report also showed consumer spending accelerated while inflation cooled in the second quarter.

"At the very least, this morning's robust GDP report is likely to result in a more tempered tone of rhetoric from (Federal Reserve) officials regarding the potential for a September (monetary policy) move," Stifel said in a note to clients.

US durable goods orders unexpectedly fell in June following four straight monthly gains, weighed down by transportation equipment, government data showed.

Weekly applications for unemployment insurance in the US dropped more than the market predicted, while continuing claims also fell, according to government data.

West Texas Intermediate crude oil rose 0.9% to $78.30 a barrel intraday.

Gold was down 2.5% at $2,355.20 per troy ounce, while silver sank 4.6% to $27.96 per ounce.