Stocks rebound from big sell-off | Big Tech rallies ahead of earnings | Record GDP growth

Economists expected a massive rebound in economic growth for the third quarter and they got one.

VIEW IN BROWSER | SUBSCRIBE THU, OCT 29, 2020 EVENING BRIEF AS OF THU, OCT 29, 2020 • 04:23 ET DJIA 26659.11 +0.52% +139.16 S&P 500 3310.11 +1.19% +39.08 NASDAQ 11185.59 +1.64% +180.73   Most Active DOW NAME LAST CHG %CHG AAPL 115.32 +4.12 +3.71% INTC 44.11 -0.14 -0.32% CSCO 35.69 -0.02 -0.06% S&P 500 NAME LAST CHG %CHG AAPL 115.32 +4.12 +3.71% GE 7.37 -0.05 -0.67% F 7.90 +0.20 +2.60% NASDAQ NAME LAST CHG %CHG AAPL 115.32 +4.12 +3.71% AMD 78.02 +1.62 +2.12% AAL 11.16 +0.21 +1.92%   EDITOR'S NOTE Economists expected a massive rebound in economic growth for the third quarter and they got one.   The U.S. economy grew at an annualized rate of 33.1% in the quarter, topping a Dow Jones estimate of 32% and marking the fastest pace of economic expansion on record in the U.S. The strong growth was driven in part by increasing consumption and solid business and residential investments.    That strong GDP print came after the U.S. economy suffered its largest-ever contraction in the second quarter. However, the economy remains below its pre-pandemic levels even after the sharp third-quarter rebound. Some investors fear the economy could face a tougher road ahead as lawmakers have yet to approve new coronavirus fiscal stimulus. "GDP rebounded stronger than expected in the third quarter, but the big question on everyone's mind is whether the economy can remain on firm ground in the fourth quarter and into 2021," said Ryan Detrick, chief market strategist at LPL Financial, in a note. "Barring a new round of fiscal stimulus, it's likely that growth will taper off in the fourth quarter, but we still don't expect a double-dip recession."   Nevertheless, the stronger-than-forecast GDP data, coupled with improving unemployment numbers and sharp gains from stocks of major tech companies, helped Wall Street recapture some of its steep losses from the previous session.   The Dow Jones Industrial Average closed about 140 points higher. The S&P 500 and the Nasdaq Composite gained 1.2% and 1.6%, respectively.   Catch The News with Shepard Smith at 7 p.m. ET on CNBC. The nightly newscast provides deep, non-partisan coverage and perspective on the day's most important stories. Fred Imbert | CNBC Markets Reporter @foimbert TOP NEWS  Stocks rebound from massive sell-off, S&P 500 closes more than 1% higher as tech gains U.S. GDP booms at 33.1% rate in Q3, better than expected Pelosi presses Mnuchin for answers on coronavirus stimulus as she pushes to restart talks Biden maintains polling lead over Trump with five days until Election Day Moderna says it's preparing global launch of Covid vaccine as it takes in $1.1 billion in deposits Coronavirus live updates: Tennessee and Idaho see record daily deaths, while France and Germany return to lockdown Amazon reports sales growth of 37%, topping estimates U.S. weekly jobless claims total 751,000, vs 778,000 expected Netflix raises prices, stock leaps 5% Alphabet revenue up 14%, crushing expectations   TOP VIDEO Second stimulus check: What happens if a new relief bill isn't passed before the election   CNBC PRO There were 4 key factors to Ford outperforming third-quarter earnings expectations   SPECIAL REPORTS Education experts weigh in on Biden's proposal to triple funding for low-income schools It's legal to give bad financial advice. New SEC protections may not help much   Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2020 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS