Markets Right Now: Stocks climb after stronger GDP report
Posted August 30
NEW YORK — The latest on developments in financial markets (All times local):
U.S. stocks are finishing higher, led by technology and health care companies, retail and travel firms and banks, as investors cheered a report of stronger economic growth.
The Commerce Department said Wednesday that the economy grew 3 percent in the second quarter, more than it previously estimated.
Big names helped lead the way. Microsoft rose 1.3 percent and Amazon gained 1.4 percent.
Bank of America rose 1.7 percent as financial companies advanced.
Bond prices declined and high-yielding stocks like utilities and household goods makers lagged the rest of the market.
The Standard & Poor's 500 index rose 11 points, or 0.5 percent, to 2,457.
The Dow Jones industrial average gained 27 points, or 0.1 percent, to 21,892. The Nasdaq composite climbed 66 points, or 1.1 percent, to 6,368.
Stocks are rising as banks bounce back from their recent losses and technology companies gain ground.
Bank of America rose 1.6 percent and Citigroup picked up 1.1 percent on Wednesday.
Technology companies rose for the third consecutive day. Chipmaker Analog Devices rose 3.7 percent after a strong third-quarter report.
Tax preparer H&R Block gave up 8.2 percent after it said it's not planning any big cost cuts this year.
The Commerce Department said the U.S. economy grew 3 percent in the second quarter, more than previously estimated. That's the fastest pace in two years.
The Standard & Poor's 500 index rose 6 points, or 0.3 percent, to 2,452.
The Dow Jones industrial average lost 1 point to 21,863. The Nasdaq composite climbed 36 points, or 0.6 percent, to 6,338.
Stocks are opening flat as global markets recovered their poise a day after concerns about North Korea's latest missile launch spooked investors.
Technology companies are making some of the biggest gains Wednesday. Chipmaker Analog Devices rose 4.5 percent after a strong third-quarter report.
U.S. crude oil dropped 31 cents to $46.13 a barrel and energy companies continued to fall.
The Commerce Department said the U.S. economy grew 3 percent in the second quarter, more than it previously thought. That's the fastest growth in two years.
The Standard & Poor's 500 index slipped 1 point to 2,445.
The Dow Jones industrial average was up 1 point at 21,866. The Nasdaq composite rose 10 points, or 0.2 percent, to 6,312.