(MENAFN– ecpulse)
U.S. stocks were poised for the biggest monthly gain since February amid improving economic data and speculation central banks will continue to spur growth.
In fact the gross domestic product, which measures the value of all goods and services produced in the economy, increased by 4.2% annualized rate, up from the initial estimate of 4.0%, according to a report released by the Commerce Department on Thursday.
Bloomberg analysts expected growth pace of 3.9%, but business investment and net exports were stronger than forecast. Note that the economy shrank at a 2.1% pace from January through March.
The Commerce department also reported corporate profits jumped the most in around four years.
The revisions to GDP showed the pickup in growth last quarter came from bigger gains in corporate spending on structures and equipment and a smaller trade deficit that was partly offset by more tepid inventory building.
Accordingly:
-The Dow Jones Industrial Average gained 0.11% or 18.88 points to 17098.45
-The S&P 500 Index rose 0.33% or 1.70 points to 2003.37
-The NASDAQ Composite Index inclined 0.50% or 22.58 points to 4580.27 . As of 16:15 p.m. ET
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