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(Bloomberg) -- U.S. equities broke a two-session losing streak the day after Congress passed a sweeping tax bill, while Treasuries stopped a week-long slide as third-quarter economic growth was revised lower. 

The S&P 500 Index closed higher Thursday, buoyed by energy and financial stocks. While the U.S. GDP figure was trimmed on lower contributions from consumer spending and trade, the pace of expansion remained the fastest since early 2015, Commerce Department data showed.

“I think the best way to approach today is to recognize it’s a real mixed bag of data,” Steve Ricchiuto, chief U.S. economist at Mizuho Securities, said by phone. “The big story is the tax cut, and whether or not the tax cut will work or not in terms of driving up economic activity. Everyone has been such a growth optimist for years on the U.S. economy, and now they’ve got this fiscal move, and they’re not all convinced that it’s going to work dramatically.”

Core European bond yields rose for a fourth session as traders tidied up positions ahead of the Christmas holiday. Those in the periphery were mostly lower. Treasury yields dropped.

Equities in Europe steadied after two days of declines. The Stoxx Europe 600 index rose after a mixed session in Asia, as energy firms rallied with oil prices, outweighing a slump in utilities. Health-care and mining stocks pushed the FTSE 100 Index to a record close. Sterling and the euro both advanced.

The dollar gave up some early gains on the GDP report. The yen fluctuated as the Bank of Japan held rates and Governor Haruhiko Kuroda said there’s no need to reconsider the current policy framework.

Oil rose to a two-week high. Gold and copper also gained.

Ballots are being counted in elections in Catalonia, where voters got another chance to express their view on whether the region should press its fight to break away or remain within Spain. 

A poll released as voting ended showed the separatists winning a very narrow majority, but the result was still too close to call. An exchange-traded fund that tracks Spanish equities fell from session highs after polls closed but still finished up on the day.

Bloomberg readers can follow coverage of the vote in our TOPLive blog on both the web and terminal.

Terminal customers can read more in our Markets Live blog

These are the main moves in markets:

Stocks

  • Then S&P 500 Index gained 0.2 percent as of 4:03 p.m. New York time.
  • The Stoxx Europe 600 Index gained 0.6 percent.
  • The U.K.’s FTSE 100 Index climbed 1 percent, the biggest jump in more than five months.
  • Germany’s DAX Index rose 0.3 percent.

Currencies

  • The Bloomberg Dollar Spot Index was unchanged.
  • The euro climbed less than 0.05 percent to $1.1876.
  • The British pound gained 0.1 percent to $1.3387.
  • The Japanese yen increased 0.1 percent to 113.29 per dollar.

Bonds

  • The yield on 10-year Treasuries dipped two basis points to 2.48 percent, the first retreat in more than a week.
  • Germany’s 10-year yield gained one basis point to 0.42 percent, the highest in eight weeks.
  • Britain’s 10-year yield advanced one basis point to 1.262 percent, the highest in almost two weeks.

Commodities

  • West Texas Intermediate crude increased 0.2 percent to $58.23 a barrel.
  • Gold rose 0.2 percent to $1,267.89 an ounce.
  • LME copper increased 0.6 percent to $7,086 per metric ton, the highest in over two months.
  • The Bloomberg Commodity Index climbed 0.3 percent, the seventh straight advance.

--With assistance from Brian Chappatta Boris Korby Shobhana Chandra and Eddie van der Walt

To contact the reporter on this story: Kailey Leinz in New York at kleinz1@bloomberg.net.

To contact the editors responsible for this story: Jeremy Herron at jherron8@bloomberg.net, Andrew Dunn, Cormac Mullen

©2017 Bloomberg L.P.

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