Live news: S&P 500 posts fifth record close in a row

The S&P 500 notched its fifth consecutive record close on Thursday, with the market making broad gains after solid economic growth data.

The blue-chip index traded choppily in the afternoon, but eventually closed 0.5 per cent higher for the day, with more than three-quarters of stocks in the index rising.

The energy sector led the gains as a combination of fast US production growth and geopolitical tensions drove up oil prices. Brent crude, the international benchmark, settled up 3 per cent at $82.43 a barrel.

Electric-car maker Tesla was a major exception to the positive mood, however, dropping 12.1 per cent on the back of a disappointing earnings report.