U.S. stocks advance as Dow Jones, S&P 500 hit fresh records

Two of Wall Street's major indexes closed Thursday at record highs, buoyed by an upward revision to second-quarter US GDP and strong results from AI chip giant Nvidia.

The Dow Jones Industrial Average climbed 0.16 percent to a record 45,636.90, while the broad-based S&P 500 Index rose 0.32 percent to 6,501.86, also a record.

The Nasdaq Composite Index added 0.53 percent to 21,705.16.

The United States saw its gross domestic product grow at an annualized rate of 3.3 percent in the second quarter, according to an official estimate updated Thursday -- higher than previously calculated and above market expectations.

The initial GDP estimate for the period, published in late July, showed annualized growth of 3 percent, while investors had expected a revision to only 3.1 percent.

Meanwhile, markets continue to be buoyed by the prospect of a Federal Reserve rate cut at its September meeting, which could stimulate economic activity in the world's biggest economy.