Stocks rise as GDP, consumer data boosts

 @ibtimes on January 29 2010 10:16 AM

U.S. stocks rose on Friday after GDP data showed the economy grew at a much faster pace than expected in the fourth quarter, while business activity in the U.S. Midwest hit a four-year high in January.

* But stocks were off their highs after a report showed U.S. consumer confidence rose to a two-year high this month as the economic outlook improved, though most consumers had a grim view of their own personal financial and employment prospects.

* The Dow Jones industrial average <.DJI> gained 62.95 points, or 0.62 percent, to 10,183.41. The Standard & Poor's 500 Index <.SPX> gained 6.82 points, or 0.63 percent, to 1,091.35. The Nasdaq Composite Index <.IXIC> gained 15.84 points, or 0.73 percent, to 2,194.84.

(Reporting by Edward Krudy; Editing by Padraic Cassidy)

Join the Discussion