12:44 PM EDT, 08/29/2024 (MT Newswires) -- US equity indexes rose after a surprise increase in the estimate for Q2 economic growth and a decline in weekly jobless claims sent most government bond yields higher.

The S&P 500 climbed 0.9% to 5,644.2 with the Nasdaq Composite up 1.2% to 17,770.2 and the Dow Jones Industrial Average 1.1% higher at 41,544.5 after midday Thursday. Industrials, consumer discretionary and energy led the gainers with only real estate and consumer staples posting declines.

In economic news, US gross domestic product growth was revised up 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 declined to 231,000 from an upwardly revised 233,000 level in the previous week, below expectations for 232,000 in a survey of analysts compiled by Bloomberg. The four-week moving average fell to 231,500 from 236,250, a third straight weekly decline.

Most Treasury yields rose with the 10-year up 2.8 basis points to 3.87%. The two-year yield gained two basis points to 3.9%.

Equity indexes rallied despite a 3.5% intraday drop in the shares of Nvidia ( NVDA ) following the release of earnings late Wednesday. Nvidia's ( NVDA ) fiscal Q2 "masterpiece performance" underpins the bullish outlook for the artificial-intelligence "revolution," Wedbush Securities said Thursday in a note.

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 11% 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 29%, the steepest drop on the S&P 500, after the company reported fiscal Q2 results trailed market expectations and lowered the outlook for fiscal 2024.

West Texas Intermediate crude oil jumped 2% to $75.99 a barrel.