Stocks rise on strong economic report |
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Thu, 29 Mar 2007 15:04
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NEW YORK (AP) - Wall Street advanced Thursday after a government report showed the economy grew in the fourth quarter at a faster clip than had been estimated.The Commerce Department's final measure of fourth-quarter gross domestic product, which showed growth of 2.5 percent, could help quell concerns that economic growth is slowing too quickly. At the same time, strong economic growth could make it harder for the inflation-wary Federal Reserve to cut short-term interest rates.Investors also bought stocks in a bit of window dressing to their portfolios as the first quarter comes to an end.Further acquisition activity also lent support to major indexes after U.S. Steel struck a deal to buy Lone Star Technologies Inc. for about $2.1 billion.In the first minutes of trading, the Dow Jones industrial average rose 74.34, or 0.60 percent, at 12,374.70.Broader stock indicators also moved higher. The Standard & Poor's 500 index was up 8.87, or 0.63 percent, at 1,426.10, and the Nasdaq composite index added 15.22, or 0.63 percent, at 2,432.32.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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