Friday, 31 March 2017

Wall Street rises, aided by U.S. growth data

Wall Street gained on Thursday, led by financial shares, after data showed US economic growth was stronger than previously reported last quarter, helped by robust consumer spending, and the tech-heavy Nasdaq set a record closing high.


The energy sector rose for a third straight day, supported by stronger oil prices and a 8.8-percent gain for ConocoPhillips , the biggest percentage riser on the S&P 500 after it agreed to sell oil and gas assets.

The S&P 500 gained for a third straight day, rebounding after its worst week of the year last week.

U.S. economic growth slowed less than previously reported in the fourth quarter as robust consumer spending provided a boost, the Commerce Department said. Gross domestic product increased at a 2.1 percent annualised rate instead of the previously-reported 1.9 percent pace.

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