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U.S. stocks gain on strong GDP data; Dow rises 0.99% [Forexpros](Forexpros Via Acquire Media NewsEdge) Investing.com - Investing.com - U.S. stocks rose on Friday as investors applauded robust U.S. gross domestic product data. At the close of U.S. trading, the Dow 30 rose 0.99%, the S&P 500 index rose 0.86%, while the NASDAQ Composite index rose 1.02%. The Volatility S&P 500 index, which measures the outlook for market volatility, was down 5.31% at 14.81. Stocks rose after the Commerce Department said U.S. gross domestic product expanded at an annual rate of 4.6% in the second quarter, in line with the consensus forecast, after contracting by 2.1% in the first three months of the year. U.S. second quarter GDP was initially reported to have increased by 4.2%. The positive data fueled already growing expectations for rate hikes to kick in earlier next year than once anticipated, though expectations for a more robust economy boosted stock prices by fueling hopes for beefier top corporate lines. Separately, the Thomson Reuters/University of Michigan final consumer sentiment index remained unchanged at 84.6 this month, just shy of expectations for an uptick to 84.7 though solid enough to boost stock prices. In company news, shoemaker Nike Inc (NYSE:NKE) reported earnings that beat expectations, while smartphone maker BlackBerry Ltd (NASDAQ:BBRY) posted a smaller loss than was expected. Also piquing investors' interest was news that Bill Gross, head of Pimco, the world's largest bond fund, was stepping down and moving to Janus Capital Group Inc (NYSE:JNS). Leading Dow Jones Industrial Average performers included Nike Inc (NYSE:NKE), up 12.21%, Cisco Systems Inc (NASDAQ:CSCO), up 1.89%, and American Express Company (NYSE:AXP), up 1.84%. The Dow Jones Industrial Average's worst performers included Pfizer Inc (NYSE:PFE), down 0.83%, Merck & Company Inc (NYSE:MRK), down 0.44%, and 3M Company (NYSE:MMM), down 0.04%. European indices, meanwhile, ended the day largely higher. After the close of European trade, the DJ Euro Stoxx 50 rose 0.57%, France's CAC 40 rose 0.91%, while Germany's DAX fell 0.20%. Meanwhile, in the U.K. the FTSE 100 rose 0.15%. Investing.com offers an extensive set of professional tools for the financial markets. Read more News on Investing.com and download the new Investing.com apps for Android and iOS! (c) 2014 Fusion Media Limited. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info). |