Stocks rise at opening following GDP revision
Stocks opened higher following this morning's fourth-quarter 2009 GDP data, as the Dow pushed closer to the 11,000 level.
In the first 25 minutes of trading, the Dow is up one-tenth of 1 percent.
The broader S&P 500 is up two-tenths of 1 percent and the tech-heavy Nasdaq is up nearly three-tenths of 1 percent.
The Commerce Department said this morning that the economy grew at a rate of 5.6 percent during the last three months of the year, the government's final revision of the number. It was slightly less than the first two estimates, but still the highest rate in six years. However, the GDP growth came from manufacturers cranking out product to help businesses restock their inventories, which they had let run down during the recession. So that's a one-time bump unlikely to be repeated.
Follow me on Twitter at @theticker.
By
Frank Ahrens
|
March 26, 2010; 9:55 AM ET
Categories:
The Ticker
,
Wall Street
| Tags: Dow Jones, nasdaq, s&p 500
Save & Share:
Previous: Many Americans still unfamiliar with Geithner and Bernanke, poll finds
Next: Video: Why you're going to hear more about a Chinese company called Baidu
Posted by: joebanks | March 26, 2010 10:06 AM | Report abuse
It's a start. Keynesian economics work, supply side does not.
It's time to put supply side theory in its rightful place......the dumpster right next to communism.
Posted by: theobserver4 | March 26, 2010 10:27 AM | Report abuse
The new year approaching, click in. Let's facelift bar!
====== http://www.smalltrade.net =====
fr ee sh i pp ing
(jordan shoes) $32
(air max) $34
++++ http://elurl.com/atn ++++++++++
+++
wow
▍ ★∴
．．．．▍▍．..．█▍ ☆ ★∵ ..../
◥█▅▅██▅▅██▅▅▅▅▅███◤
．◥███████████████◤
～～～～◥█████████████◤～～～～
Posted by: mmmitkonlyyou | March 26, 2010 10:58 AM | Report abuse
The comments to this entry are closed.
It's called the stimulus. This may be a one time "bump" but it's the kind of bump that starts up the economy.
Thank you Mr. President.