US GDP Rose 2% In First Quarter

The U.S. economy rebounded during the first three months of the year. According to the Congress Department, the GDP rose 2 percent during the first quarter. This growth rate was higher than the figures reported late last year. The Dow Jones Industrial Average rose 634 points during the session. The NASDAQ was down approximately 12 points while blue chip stocks gained more than 1 percent. This growth exceeds the 0.5% growth recorded late last year. Business spending was a driver, particularly in artificial intelligence, which saw spending increase by more than 17%. The United States economy grew by 2% in the first quarter of the year. This figure is lower than the 2.3% average estimate previously expected by analysts. The growth rate is being monitored as potential economic storylines for the near term. The report contributed to gains in the S&P 500 and NASDAQ major averages.