• Thursday, July 16, 2020

U.S. Stocks Rise to Records as GDP Growth Tops Estimates

Discussion in 'World Affairs' started by JayAtl, Dec 24, 2013.

  1. JayAtl

    JayAtl BANNED

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    U.S. stocks rose, with the Standard & Poor’s 500 Index capping its biggest weekly gain since October, as data showing faster-than-estimated growth boosted confidence in the world’s largest economy.

    Red Hat (RHT) Inc. surged 14 percent as the software company raised its full-year profit and sales forecasts. Responsys Inc. jumped 40 percent as Oracle Corp. agreed to buy the marketing company for $1.5 billion in cash. CarMax Inc. declined 9.4 percent as the largest U.S. seller of used cars posted earnings that missed analysts’ estimates.

    The S&P 500 added 0.5 percent to a record 1,818.32 at 4 p.m. in New York. The Dow Jones Industrial Average rose 42.06 points, or 0.3 percent, to 16,221.14, also an all-time high. About 9.2 billion shares changed hands on U.S. changes in the busiest trading since June as futures and options contracts expired today in a process known as quadruple witching and the operator of the S&P 500 rebalanced the index in a quarterly move to adjust member weightings.

    “The market is feeling somewhat confident,” said Robert Pavlik, chief market strategist in New York at Banyan Partners LLC, which manages about $4.5 billion. “It’s encouraging as an investor and consumer to see GDP get up to these levels. GDP reaching 4 percent makes you feel good about the economy and where we’re headed.”

    U.S. Stocks Rise to Records as GDP Growth Tops Estimates - Bloomberg
     
  2. American Pakistani

    American Pakistani ELITE MEMBER

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    US GDP grew 4.1% which is huge for a country like US...a great improvement indeed.:tup::usflag: