On Thursday, the market seemed to struggle in the morning session and that may have been influenced by the GDP report which revealed a 1.0% contraction. In the afternoon session, the market made a strong upside move and closed at the high end of the day's range. The late day move may have been fueled by a report that Initial claims fell to 300,000 and Pending Home Sales rose +0.4% for April. 

The market has now been up in 5 out of the last 6 days. The S&P 500 closed at a new all time high (1,920). The Nasdaq rose +22 points (+0.54%), the S&P gained +10 points (+0.54%), and the Dow advanced +65 points (+0.39%). Volume was lower for all three indices. Advancing stocks out paced declining stocks by a ratio of 9-to-5 and up volume led down volume by 5-to-2.