Stocks higher at opening following positive GDP data
Stocks are higher at opening this morning, following a stronger-than-expected report on fourth-quarter U.S. gross domestic product.
In the first 20 minutes of trading, the Dow is up half of 1 percent.
The broader S&P 500 is up half of 1 percent and the tech-heavy Nasdaq is up six-tenths of 1 percent.
The Commerce Department said that fourth-quarter GDP grew at a rate of 5.7 percent, the fastest rate since 2003, and better than the 4.6 percent forecasters expected.
The rise in GDP, however, came from companies building back up their inventories. But if consumers don't buy the goods that companies have stockpiled, then future GDP could experience a pullback. As I've written here before, this jobless recovery, if it's to happen at all, must be led by consumer spending.
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January 29, 2010; 9:56 AM ET
Categories: The Ticker | Tags: Dow Jones, GDP, nasdaq, s&p 500
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Posted by: OldHippie | January 29, 2010 12:00 PM | Report abuse
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