Russell 2000 Extends Records, Meta Jumps 5%: What's Moving Markets Thursday?

U.S. stocks surged by midday Thursday after stronger-than-expected economic data powered small caps to fresh record highs and eased lingering geopolitical concerns.

By 1:40 p.m. in New York, the Russell 2000 jumped 1.1% to 2,730 points, breaking into uncharted territory and extending its year-to-date gains to 10%.

Large-cap benchmarks also advanced. The S&P 500 rose 0.9%, the Nasdaq 100 climbed 1% and the Dow Jones Industrial Average added 1%.

Risk appetite improved after investors shrugged off early-week jitters tied to comments from President Donald Trump on Greenland. Sentiment turned decisively positive after Trump announced plans to suspend proposed tariffs on several European countries, citing a framework agreement reached following talks with NATO leadership.

Macro data reinforced the bullish tone. According to the Bureau of Economic Analysis' final third-quarter reading, U.S. gross domestic product expanded at a 4.4% annualized rate, revised up from 4.3% and accelerating from 3.8% growth in the second quarter.

Inflation data also met expectations, reinforcing the view that price pressures ...