Dow ends 270 points higher, Nasdaq closes flat on upbeat economic data

U.S. stocks ended mostly higher Thursday, getting a boost from the financial sector, on positive tones from the banking sector and the economy. The Dow Jones Industrial Average
DJIA,
+0.80%
rose about 269 points, or 0.8%, ending near 34,122, according to preliminary FactSet data. The S&P 500 index
SPX,
+0.45%
ended 0.5% higher, while the Nasdaq Composite Index
COMP,
-0.00%
closed virtually unchanged. The S&P 500’s financial sector was a standout, climbing 1.7%, a day after 23 of the nation’s biggest banks passed annual “stress tests,” designed to model their ability to withstand a severe global recession scenario. The U.S. economy also saw a revised gross domestic product reading of 2% in the first quarter. Federal Reserve Chairman Jerome Powell on Thursday also downplayed concerns that the Federal Reserve might be at risk of going too far with its rate hikes, at a meeting with other global central bankers in Spain, while also saying that coming rate decisions would be decided on a meeting-to-meeting basis.