U.S. stock markets hit new record highs, second quarter GDP rises Lola Evans The U.S. economy is back at its pre-pandemic level, but for how long?. The Commerce Department reported GDP rose at a 6.5% annualized pace in the second quarter. Wall Street rallied, with the Standard and Poor's 500 and Dow Jones hitting new record highs. 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.