US stocks rallied into the close Thursday, with all three major indexes rising more than 1% as investors took a second straight negative GDP print as a sign the Federal Reserve could slow rate hikes.

The US economy contracted in the first quarter but rebounded in the second. Policymakers have pointed to the strong labor market as reason to believe that a severe downturn hasn't arrived, despite the fact that there have been consecutive declines.

Brad McMillan, chief investment officer for Commonwealth Financial Network, said that the declines in both quarters are not what causes a real recession. If you want to call it a recession, we have more of a technical recession.

The US markets closed at 4 pm on Thursday.

The US economy isn't in a recession according to comments made by Janet Yellen on Thursday. She said that a downturn is a broad-based weakness of the economy. Right now, that is not what we are seeing.

According to El-Erian, the Fed is on the back foot in its fight against inflation. Inflation may come down on a headline level, but it will not decline fast enough according to the top economist.

Even though mortgage rates are going down, demand in the housing market is still falling. Freddie Mac's chief economist said that there is a period of deflated sales activity until the market gets back to normal.

According to the World Gold Council, the gold market should see slower jewelry demand through the end of the year.

El Salvadoran's finance minister said the nation is still on track for a bitcoin bond even though it has seen a 50% loss on its investment.

West Texas Intermediate was little changed at $94.14 a barrel. The international benchmark gained 0.8% to $107.49.

The price of gold was 1,752.10 per ounce. The yield on the 10-year bond fell.

The price of the virtual currency jumped to $23,814.52.