Stocks rose higher on Thursday, with the S&P 500 notching its sixth straight day of wins, as a surprise quarterly gross domestic product (GDP) report helped propel the broader market higher. The Dow Jones Industrial Average gained over 240 points, while the S&P 500 and Nasdaq Composite added about 0.5% and 0.2%, respectively.

Here's how the market settled on Thursday:

S&P 500 Index (SPY  ): +0.53% or +25.61 points to 4,894.16

Dow Jones Industrial Average (DIA  ): +0.64% or +242.74 points to 38,049.13

Nasdaq Composite Index (QQQ  ): +0.18% or +28.58 points to 15,510.50

Making Headlines: The U.S. economy expanded by 3.3% in the fourth quarter, the Commerce Department reported Thursday, topping the Wall Street consensus estimate for growth of 2%.

Boeing (BA  ) shares came under pressure after the U.S. Federal Aviation Administration (FAA) paused the aerospace manufacturer's production expansion for the 737 Max due to ongoing investigations following its grounding on Jan. 5.

"Let me be clear: This won't be back to business as usual for Boeing," said FAA Administrator Mike Whitaker in a statement Wednesday. "We will not agree to any request from Boeing for an expansion in production or approve additional production lines for the 737 MAX until we are satisfied that the quality control issues uncovered during this process are resolved."

On the Earnings Front: Tesla (TSLA  ) shares dropped more than 12% on Thursday after the electric vehicle maker warned of a slowdown in 2024 following its disappointing quarterly results. The company said its vehicle volume growth for 2024 "may be notably lower" than the previous year, due to Tesla's efforts to launch its "next-generation" car in Texas.

IBM (IBM  ) shares climbed higher on Thursday after the tech and services provider topped expectations with its fourth-quarter earnings report. The company's revenue of $17.38 billion was a 4% year-over-year increase, while its net income of $3.29 billion, or $3.55 per share, also exceeded the previous year's period of $2.71 billion, or $2.96 per share.

Alaska Air (ALK  ) shares rose on Thursday following its strong fourth-quarter earnings results. This is the carrier's first report since a door plug detached from a Boeing 737 Max 9 plane during an Alaska flight. Alaska said the grounding of the aircraft is expected to cost Boeing $150 million.

"While we fully expect to be made whole for the profit impact of the grounding, we do not have details to share today on that process, nor have we incorporated this into our guidance," Alaaks CFO Shane Tackett said during the company's earnings call on Thursday.

American Airlines (AAL  ) shares rose following its strong quarterly results, signalling continued recovery for the travel sector as the coronavirus pandemic's impact continues to ease. Southwest (LUV  ) shares also rose after the budget airlines reported strong fourth-quarter results on Wednesday. The airline also noted that it has taken the Boeing 737 Max 7 out of its 2024 fleet plans due to regulatory delays.

Humana (HUM  ) shares dropped on Thursday after the health insurance company offer disappointing forward guidance following its strong fourth-quarter revenue results. The company expects full-year 2024 earnings to total roughly $16 per share, well below consensus estimates of aout $29 per share. Meanwhile, Blackstone (BX  ) shares rose following its better-than-expected earnings for the fourth-quarter.

For Friday: Market participants will react to another round of earnings reports from companies including Visa (V  ), Intel (INTC  ), T-Mobile (TMUS  ), Colgate-Palmolive (CL  ) and Norfolk Southern (NSC  ). Economic reports due out on the day include December's PCE index reading, as well as pending home sales for the month.