Sometimes the market just wants good news, and Thursday delivered plenty of it. Small-cap stocks powered to fresh all-time highs after economic data came in hotter than expected and investors collectively decided to stop worrying about tariffs and geopolitical drama.

By 1:40 p.m. in New York, the Russell 2000 had jumped 1.1% to 2,730 points, breaking into uncharted territory and extending its year-to-date gains to a solid 10%. The big guys weren't far behind: the S&P 500 rose 0.9%, the Nasdaq 100 climbed 1%, and the Dow Jones Industrial Average added 1%.

The week started with a bit of nervous energy after President Donald Trump made comments about Greenland that gave investors pause. But sentiment flipped decisively positive when Trump announced plans to suspend proposed tariffs on several European countries, citing progress in talks with NATO leadership. Turns out a framework agreement goes a long way toward calming market jitters.

GDP Growth Accelerates

The real catalyst was economic data that painted a picture of robust growth. According to the Bureau of Economic Analysis' final third-quarter reading, U.S. gross domestic product expanded at a 4.4% annualized rate. That's a revision up from the previous 4.3% estimate and a clear acceleration from the second quarter's 3.8% growth. It's the kind of number that makes you wonder why anyone was worried in the first place.

Inflation data also cooperated. The Personal Consumption Expenditures price index rose 2.8% year over year in November, with monthly prices increasing 0.2%, matching October's pace. Core PCE, which is what the Federal Reserve really cares about, also held steady at 2.8%. Translation: price pressures remain contained, and the Fed probably isn't losing sleep.

Meta Gets a Valuation Boost

In the world of mega-cap tech, Meta Platforms Inc. (META) jumped more than 5% after Jefferies flagged what it called an attractive valuation discount. Sometimes all it takes is one well-timed analyst note to remind everyone that a stock might actually be cheap.

Earnings Season Delivers Mixed Results

Earnings reports created winners and losers across the market. Procter & Gamble (PG) surged 3.9% after reporting stronger-than-expected results, proving that people still buy soap and toothpaste no matter what's happening in the economy. General Aerospace (GE) had a rougher day, sliding 5.8% despite actually topping estimates—a reminder that beating expectations doesn't always guarantee a victory lap.

Freeport-McMoRan Inc. (FCX) fell 3% as the mining company continues dealing with the aftermath of a mudslide at its Grasberg Block Cave mine in Indonesia from last September. Recovery takes time, and investors aren't thrilled about the pace. Meanwhile, Abbott Laboratories (ABT) plunged 10% after quarterly sales missed forecasts, delivering one of the day's sharpest declines.

Commodities Make Big Moves

In commodities, oil prices dropped 2% to $59 a barrel. But precious metals were the real story. Gold surged past $4,900 an ounce following a bullish price forecast from Goldman Sachs, while silver jumped more than 3% above $95. When gold starts moving like that, it tends to grab attention.

Thursday's Performance in Major U.S. Indices, ETFs

Looking at the major exchange-traded funds, broad gains were the theme. The Vanguard S&P 500 ETF advanced 0.7% to $634.70. The SPDR Dow Jones Industrial Average climbed 0.8% to $494.82. The tech-heavy Invesco QQQ Trust Series rose 0.8% to $621.42, and the iShares Russell 2000 ETF surged 1.0% to $270.53.

Among sector funds, the Communication Services Select Sector SPDR Fund outperformed with a 1.4% gain, while the Real Estate Select Sector SPDR Fund lagged, slipping 0.3%.

Russell 1000's Top 5 Gainers and Losers on Thursday