02:06 PM EST, 12/19/2024 (MT Newswires) -- US benchmark equity indexes were higher intraday as markets evaluated the latest economic data and corporate earnings.

The Dow Jones Industrial Average, the S&P 500, and the Nasdaq Composite were up 0.4% each at 42,515.2, 5,893.5 and 19,456.1, respectively, after midday Thursday. Among sectors, utilities paced the gainers, while energy saw the biggest drop.

In economic news, US real gross domestic product rose at an annual rate of 3.1% in the third quarter, according to a final estimate by the Bureau of Economic Analysis. A prior estimate by the BEA showed 2.8% growth, which was the consensus in a Bloomberg-compiled consensus.

"A stronger-than-expected showing in third-quarter GDP reinforces the (Federal Reserve's) characterization of a 'solid' economy and the need for a reduced pace and number of further rate cuts," Stifel said in a note to clients. "With a strong consumer and positive business investment, there is ample justification for a policy pause sooner than later as we turn the calendar page into 2025."

US existing home sales rose more than expected sequentially last month and logged the biggest year-over-year increase since June 2021, according to National Association of Realtors data.

"Home sales momentum is building," NAR Chief Economist Lawrence Yun said. "More buyers have entered the market as the economy continues to add jobs, housing inventory grows compared to a year ago, and consumers get used to a new normal of mortgage rates between 6% and 7%."

Weekly applications for unemployment insurance in the US declined more than expected, government data showed.

The US 10-year yield was up 8.4 basis points at 4.58% intraday, while the two-year rate dropped 4.1 basis points to 4.31%.

On Wednesday, the US central bank's Federal Open Market Committee reduced interest rates by 25 basis points and flagged fewer cuts ahead than previously projected. The monetary policy stance is now "significantly less restrictive," Fed Chair Jerome Powell said at a press conference following the FOMC's meeting. "We can therefore be more cautious as we consider further adjustments to our policy rate."

West Texas Intermediate crude oil was down 0.8% at $70.02 a barrel intraday Thursday.

In company news, Darden Restaurants ( DRI ) shares jumped 15%, the top gainer on the S&P 500, after the Olive Garden ( DRI ) and LongHorn Steakhouse parent raised its full-year revenue outlook and reported better-than-expected fiscal second-quarter results.

Accenture ( ACN ) was the second-best performer on the S&P 500, up 6.9%. The consulting firm increased its full-year revenue growth outlook and logged better-than-expected fiscal first-quarter results.

Lamb Weston ( LW ) posted disappointing fiscal second-quarter results and lowered its full-year guidance, while saying its chief executive will step down. Shares of the frozen potato products supplier plunged roughly 21%, the worst performer on the S&P 500.

Micron Technology ( MU ) saw the steepest decline on the Nasdaq and the second-biggest on the S&P 500, down 17%. Late Wednesday, the memory and storage product maker flagged weakness in its consumer-oriented markets that will likely impact its second-quarter outlook.

Nike ( NKE ) , FedEx ( FDX ) and BlackBerry (BB) are scheduled to report results after Thursday's closing bell.

Gold was down 1.7% at $2,609.50 per troy ounce, while silver slumped 4.3% to $29.42 per ounce.