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The Nasdaq jumped 194.36 points (1%) to 20,167.91, the Dow advanced 404.41 points (0.9%) to 43,386.84 and the S&P 500 climbed 48.86 points (0.8%) to 6,141.02.

Markets continued their upward momentum, pushing major indexes closer to record highs despite ongoing tariff concerns. The S&P 500 ended just 3 points shy of its February closing peak. Gains followed positive U.S. economic data, including a drop in jobless claims to 236,000. Commerce department released a report showing new orders for U.S. manufactured durable goods spiked by much more than expected in the month of May. It also said durable goods orders soared by 16.4% in May after tumbling by a revised 6.6% in April.

Excluding a substantial increase in orders for transportation equipment, durable orders climbed by 0.5% in May after coming in unchanged in April. Ex-transportation orders were expected to come in flat. Meanwhile, the department also released a revised data showing the U.S. economy shrank by more than previously estimated in the first quarter of 2025. It also said real GDP well by 0.5% in the first quarter compared to the previously reported 0.2% dip. The bigger than previously estimated decline primarily reflecting downward revisions to consumer spending and exports were partly offset by a downward revision to imports.

Steel stocks substantially moved upwards, with the NYSE Arca Steel Index surging by 3.0% to its best closing level in over six months. An extended rebound by the price of crude oil also contributed to significant strength among oil service stocks, as reflected by the 2.2% jump by the Philadelphia Oil Service Index. Gold, banking and computer hardware stocks saw considerable strength on the day, moving higher along with most of the other major sectors.

Asia Pacific stocks turned in a mixed performance. Japan's Nikkei 225 Index jumped by 1.7% while South Korea's Kospi slid by 0.9%. European stocks moved mostly higher. The German DAX Index climbed by 0.6% and the U.K.'s FTSE 100 Index edged up by 0.2%, although the French CAC 40 Index closed just below the unchanged line.

In the bond market, treasuries are seeing modest strength after ending the previous session roughly flat. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 2.6 bps at 4.26%.