Upward GDP revision sends Wall St higher

Apr 02, 2017, 00:51
Upward GDP revision sends Wall St higher

The average daily move by the 30-stock gauge in the first quarter was 0.3185%, according to data from The Wall Street Journal's Market Data Group.

Dollarama Inc's quarterly profit beat analysts' estimates as the average amount customers spent at its stores increased, sending the Canadian discount retailer's shares to a record high during the session.

Amazon.com was the top stock on the S&P and the Nasdaq, with a 1.3 percent gain.

Though unlikely to threaten the Dow Jones index's chances of a sixth successive quarter-on-quarter rise, Friday got off to a drab start.

The Dow Jones Industrial Average DJIA, -0.31% rose 0.3% for the week and 4.6% for the quarter, the S&P 500 index SPX, -0.23% gained 0.8% on the week and 5.5% for the quarter, and the Nasdaq Composite Index COMP, -0.04% surged 1.4% for the week to notch a almost 10% gain for the quarter. Economists had expected the pace of GDP growth to be upwardly revised to 2.0%.

Despite the upward revision, the GDP growth in the fourth quarter still reflects a notable slowdown from the 3.5 percent jump seen in the third quarter.

USA economic growth slowed less than previously reported in the fourth quarter as robust consumer spending provided a boost, the Commerce Department said. Jobless claims dropped by 3,000 to 258,000 in the latest week to reach near their lowest level in decades, MarketWatch reported.

The failure of the Republican healthcare bill has raised concerns about Trump's ability to achieve other policy goals such as tax reform and increased infrastructure spending. The Dow is now in danger of its first monthly loss since October. The index is climbing further off the two-month closing low it set last Wednesday.

Elsewhere in the financial sector, Toronto-Dominion Bank's chief executive officer told shareholders at the bank's annual meeting that it does not have a "widespread problem" with its sales practices, responding to a report staffers were pressured to meet targets. Genesee & Wyoming (GWR) and Kansas City Southern (KSU) are posting notable gains.

Oil prices climbed back above the highly watched $50 mark today, amid heightened expectations the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC members will extend their output-cut agreement past June. Energy stocks were down the most as the price of crude oil headed lower.

Meanwhile, the major European markets turned in a mixed performance on the day.

MARKETS OVERSEAS: In Europe, Germany's DAX rose 0.5 per cent, while France's CAC 40 gained 0.7 per cent.

Bank of America gained 2.3 percent, while other leading banks including Citigroup and Goldman Sachs climbed more than one percent.

In Asia, Tokyo's Nikkei 225 and Hong Kong's Hang Seng each fell 0.8 per cent. Sydney's S&P-ASX 200 declined 0.5 per cent. Seoul's Kospi fell 0.2 per cent. India's Sensex gave up 0.2 per cent, while Taiwan and New Zealand rose.

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