US markets closed with gains on Wednesday, shaking off earlier losses as a late-session rally helped major indexes rebound. The Dow Jones added 140 points, while investors appeared to overcome the day's earlier pessimism triggered by disappointing economic data.

The Bureau of Economic Analysis reported a 0.3% year-on-year GDP decline in Q1, the first contraction since November 2022. In addition, private sector hiring slowed to just 62,000 jobs in April, missing forecasts. Despite the gloomy start, investor focus shifted late in the day toward upcoming earnings from Meta, Microsoft, and Robinhood, helping drive the recovery.

At 4:00 pm ET, the Dow Jones Industrial Average gained 0.35% or 141 points, with Verizon Communications Inc. jumping 2.58%. The Nasdaq 100 was 0.13% up as Regeneron Pharmaceuticals Inc. gained 5.25% and the S&P 500 increased 0.15%, with Seagate Technology Holdings PLC soaring 11.56%. The euro lost 0.48% against the dollar at 3:58 pm ET to sell for $1.13303.