Strong economic data propels U.S. stocks to new highs 30 Jul 2021, 06:08 GMT+10 NEW YORK, New York - The U.S. economy is back at its pre-pandemic level, but for how long? U.S. investors believe it's back permanently, as stocks took off on Thursday. The Commerce Department reported GDP rose at a 6.5% annualized pace in the second quarter, however, this was well below analysts' forecasts for 8.40 percent. Nonetheless Wall Street rallied, with the Standard and Poor's 500 and Dow Jones industrials hitting new record highs. At the close, the Dow Jones industrials were ahead 153.40 points or 0.44 percent at 35,084.33. The Nasdaq Composite jumped 15.68 points or 0.11 percent to 14,778.26.