Stocks Up Thanks To GDP

Yesterday, U.S. stocks fell due as a result of rising oil prices, but today the picked back up thanks to a government report saying that the gross domestic product has grown more than expected. The Dow Jones industrial average climbed 56.97, or 0.5%, to 10,514.77 in afternoon trading today while the Standard & Poor's 500 index went up 6.09, or 0.5%, to 1,196.10, and the Nasdaq composite index jumped 15.85, or 0.8%, to 2,065.97. In April, the GDP for the U.S. was estimated to grow at a rate of 3.1% in the first quarter of 2005. This estimate was exceeded. A report from the Commerce Department says that the GDP grew at an annual rate of 3.5% for the first quarter. The better-than-expected rate comes as a result of fewer imported goods and services than previously estimated. latest ebusiness news