Updated figures show that gross domestic product, adjusted for inflation, grew faster in 2021, 2022 and early 2023 than previously reported.

The S&P 500 scored a record closing high and the Dow and Nasdaq rose on Thursday, as Micron Technology shares rallied and a strong U.S. jobless claims report eased labor market concerns. Shares of Micron Technology rose 15.

Stocks are rallying after China pledged fiscal stimulus and latest economic data highlighted the strength of the US economy. The S&P 500 rose after revised data showed the US economy emerged from the pandemic in better shape than initially expected.

The U.S. economy emerged from the pandemic even more quickly than previously reported, revised data from the federal government shows. The Commerce Department on Thursday released updated estimates of gross domestic product over the past five years,