Market Insider

This report better show the consumer is stepping up

After a surprisingly weak first-quarter GDP, investors will be scrutinizing May personal consumption data Thursday for signs the first quarter's weakness is well over.

Stocks trudged higher Wednesday, even after the final revision to first quarter GDP showed a stunning 2.9 percent decline, the worst since the great recession five years ago. Bond yields slid as investors moved into Treasurys. The 10-year note yield was as low as 2.52 percent but was at 2.55 percent in late trading.

The Dow gained 49 points, to 16,867 and rose 9 points, to 1,959, as equity investors shrugged off the report of economic activity for the winter months. Winter weather was to blame, but the latest revision came from a hit to consumer spending and a decline in exports.