American Express Platinum Cashback Card:

US midday: GDP growth boosts stocks

News for Spread Betters

PreviousPrevious
NextNext

There's a new Investor Edition of CMC Markets' spread betting platform... and it's exclusive to DigitalLook.com users...

Get full details about Marketmaker:Investor Edition here. Advertisement

Date: Thursday 28 Aug 2008

LONDON (ShareCast) - US stocks gained after the economy advanced at a faster pace than predicted over the second quarter.

Gross domestic product grew at an annual rate of 3.3%, ahead of analysts’ expectations.

Insurance group AIG and digger manufacturer Caterpillar were among the day’s gainers.

Oil and gas stocks fell back as the hydrocarbon prices dropped following a report showing a rise in US supplies of natural gas. Devon Energy, Cabot Oil and Gas and Range Resources were among the sector’s heaviest fallers.

Jeweller Tiffany’s advanced after better than expected results. Second quarter earnings per share topped expectations, coming in at $0.63 versus a consensus forecast of $0.55.

Another jeweller, Zale, also advanced after reporting smaller-than-feared losses.

However, pots and pans retailer Williams-Sonoma fell nearly 10% after price reductions resulted in a sharp fall in profits.

The Dow Jones 30 is up 176 at 11,678, the S&P 500 is up 13 at 1,295 and the NASDAQ Composite is up 21 at 2,403.

Digital Look have been voted
"Best Research and Information Provider"

4th Floor, Bankside House, 107 Leadenhall Street, London EC3A 4AF.
Registered in England and Wales (registered no. 3678570).