Investing.com - A surprisingly strong U.S. economic growth
report sent stocks rising on Friday by fanning expectations for
U.S. recovery to gain steam and allow for more solid corporate
fundamentals in the future.
At the close of U.S. trading, the Dow Jones Industrial Average rose
0.26%, the S&P 500 index rose 0.48%, while the Nasdaq Composite
index rose 1.15%.
The Commerce Department reported earlier that the U.S. gross
domestic product expanded by 4.1% in the third quarter, well above
consensus forecasts for 3.6% growth.
The report sent stocks rising by fanning hopes that corporate
fundamentals will improve with the economy and grow without the
support of the Federal Reserve's monthly USD85 billion bond-buying
On Wednesday, the Fed said it would trim its monthly asset
purchases by USD10 billion in January, which markets applauded.
Trading volume was heavy, as stock index futures, stock index
options, stock options and single stock futures expired, which
happens on the third Friday of March, June, September and December.
Leading Dow Jones Industrial Average performers included
Caterpillar, up 1.59%, Microsoft, up 1.50%, and UnitedHealth, up
The Dow Jones Industrial Average's worst performers included Nike,
down 1.27%, Pfizer, down 1.24%, and Walt Disney, down 0.64%.
European indices, meanwhile, finished higher.
After the close of European trade, the EURO STOXX 50 rose 0.56%,
France's CAC 40 rose 0.40%, while Germany's DAX 30 rose 0.69%.
Meanwhile, in the U.K. the FTSE 100 finished up 0.33%.
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