Pro­jec­tion on GDP drives stocks higher

Sun Sentinel Palm Beach Edition - - MARKETS -

U.S. stocks climbed Wed­nes­day as in­vestors cheered a re­port of stronger eco­nomic growth.

Tech­nol­ogy com­pa­nies, re­tail­ers and travel providers all made solid gains.

The Com­merce Depart­ment raised its es­ti­mate for eco­nomic growth and said the U.S. gross do­mes­tic prod­uct grew at its fastest pace in two years be­tween April and June. Stocks were wob­bly at the out­set, but in­vestors’ con­cerns about ten­sions be­tween the U.S. and North Korea ap­peared to ease, and stocks moved higher as the day wore on. Along with tech­nol­ogy com­pa­nies and con­sumer­fo­cused firms, health care com­pa­nies and banks fin­ished higher.

The Stan­dard & Poor’s 500 in­dex climbed 11.29 points, or 0.5 per­cent, to 2,457.59. The Dow Jones in­dus­trial av­er­age picked up 27.06 points, or 0.1 per­cent, to 21,892.43. The Nas­daq com­pos­ite gained 66.42 points, or 1.1 per­cent, to 6,368.31 as tech­nol­ogy com­pa­nies rose for the third day in a row.

The Rus­sell 2000 in­dex of smaller-com­pany stocks added 7.64 points, or 0.6 per­cent, to 1,391.32.

The gov­ern­ment raised its GDP pro­jec­tion from last month, and the sec­ondquar­ter es­ti­mate is much bet­ter than the first quar­ter, when growth was 1.2 per­cent.

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