Posted on 02/25/2005 12:24:12 PM PST by pissant
NEW YORK (CNN/Money) - Blue chips rose Friday afternoon, on a strong read on fourth-quarter economic growth, but gains were limited by a spike in oil prices and some fatigue after a two-session advance
The broad Standard & Poor's 500 (up 7.06 to 1,207.26, Charts) index gained more than 0.6 percent, and the Dow Jones industrial average (up 48.40 to 10,797.19, Charts) gained around 0.5 percent around 1:30 p.m. ET.
The Nasdaq composite (up 3.85 to 2,055.55, Charts) saw a smaller advance, with technology continuing to lag the other sectors, as it has in recent days.
Durable goods orders and the consumer prices index set a mixed tone for the economic news this week, but Friday's GDP report was more upbeat, reassuring investors.
Gross domestic product grew at a revised 3.8 annual rate in the fourth quarter, the government reported, up from the initial reading of 3.1 percent and above Wall Street forecasts of 3.7 percent, according to a Briefing.com survey of economists.
GDP, the broadest measure of the nation's economy, grew at a 4 percent annual rate in the third quarter.
The GDP number seemed to fall in the not-too-hot, not-too-cold middle ground that suggests strong growth, but didn't set off alarm bells about inflation.
(Excerpt) Read more at money.cnn.com ...
The shorts are eating their shorts. I can't take much more (not really)!
Didn't need no welfare state,
Everybody pulled his weight.
Gee our old LaSalle ran great.
Those were the days. "
We are so DOOMED!
Somewhere Tom Dasch-hole climbs deeper under the covers...
Real reform could sustain this for a decade. That kinb of growth would double our GDP in 15 to 20 years.
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