U.S. notches up 4% GDP in Dec 31 quarter, U.S. stocks rise

Lola Evans
29 Jan 2021, 07:10 GMT+10

The Dow Jones shot up 299.83 points or 0.99 percent to close at 30,603.00 Thursday.
The Nasdaq Composite gained 66.56 points or 0.50 percent to 13,337.16.
The Standard and Poor's 500 rose 38.60 points or 098 percent to 3,787.37.

NEW YORK, New York - Positive economic data lifted U.S. stocks on Thursday.

All the major indices rebounded from the previous day, their worst trading day in months.

U.S. gross domestic product grew at a 4 per cent annualized rate in the fourth quarter, which was positive but expected. Overall though for the full 2020 year, the economy dived 3.50 percent, a level not seen since the second World War.

The Dow Jones shot up 299.83 points or 0.99 percent to close at 30,603.00 Thursday.

The Standard and Poor's 500 rose 38.60 points or 098 percent to 3,787.37.

The Nasdaq Composite gained 66.56 points or 0.50 percent to 13,337.16.

The U.S. dollar was modestly lower again working up a head of steam on Wednesday. The euro edged up to 1.2132 by the New York close Thursday. The British pound strengthened to 1.3738. The Japanese yen inched up to 104.22. nThe Swiss franc was a fraction higher at 0.8878.

The Canadian dollar firmed to 1.2804. The Australian dollar made a minor move upwards to 0.7691. The New Zealand dollar was stronger at 0.7189.

On overseas equity markets, the German Dax rose 0.33 percent. The Paris-based CAC 40 climbed 0.93 percent. In London, the FTSE 100, going against the trend, dipped 0.63 percent.

On Asian markets, in Japan the Nikkei 225 tumbled 437.79 points or 1.53 percent to 28,197.42.

The Australian All Ordinaries declined 142.60 points or 2.02 percent to 6,917.60.

In Hong Kong, the Hang Seng index shed 746.76 points or 2.55 percent to 28,550.77.

China's Shanghai Composite dropped 68.17 points or 1.91 percent to 2,505.18.

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