Wall Street: Thursday open
US STOCKS rose sharply after the open, as investors rushed to buy shares after they hit year lows earlier this week.
The gains look set to end a five-day losing streak for blue-chip stocks, which pushed them to new year lows on Wednesday, and puts technology stocks on track for two straight sessions of gains, after closing at a year low on Tuesday.
Investors were buoyed by in-line GDP and jobless data and figures showing existing home sales rose 2% in February.
Blue-chip stocks held on to gains after the FBI said it warned Texas oil refineries of possible attacks, although no specific threat was identified.
By late morning, the Dow Jones industrial average was up 88.89 points at 10,137.12. The technology-laced Nasdaq Composite Index was up 34.05 points, or 1.78 percent, at 1,943.53.
The government said on Thursday that its final reading of fourth quarter GDP stayed the same at 4.1% annualized growth, down from 8.2% in the third quarter. The number of Americans filing for initial jobless benefits rose slightly last week, but in line with expectations.
Existing home sales rose 2% to 6.12m units in February, according to the National Association of Realtors, while the US help wanted ads index in February rose slightly, suggesting a slow but steady improvement in the job market.
The Dow was led higher by Procter & Gamble, up $1.23 to $104.26, and Wal-Mart Stores, up $1.23 to $59.83.
On the Nasdaq, Intel rose 77 cents to $27.29 and Microsoft was up 52 cents to $24.92.
However, Micron Technology, the world's No. 2 maker of computer memory chips, fell in heavy trade after it posted a quarterly loss after the bell on Wednesday. Its shares fell 48 cents to $15.33.
Avon Products rose sharply after the world's largest direct cosmetics seller raised its forecast for first quarter and full year earnings on strength in Europe and Latin America. Its shares rose $4.86 to $75.43.
