Wall Street tacks on after GDP surge updated lower

Wall Street tacks on after GDP surge updated lower

On Wednesday, Wall Street's key indexes edged up after the downward revision of American economic surge in the fourth quarter weakened the case for faster lifts in interest rates.

The American Commerce Department told that GDP extended at a 2.5% annual rate versus the previously posted 2.6% tempo.

Firm economic data earlier in February had increased fear among market participants that American interest rates would inch up faster than previously anticipated, spurring Wall Street's most impressive selloff for two years.

Even with the revenues for the last time, the S&P 500 as well as the Dow still appear to be on course for their first monthly slump since last March.

The Dow had tacked on 105.47 points being worth 25,515.5. As for the S&P 500, it rallied 0.43% showing an outcome of 2,756.19, while the Nasdaq Composite added 0.52% reaching 7,368.17.

A batch of retail revenues drove profits in the S&P retail index that acquired 0.94%.

Online retailer Etsy soared 18% right after its profits surpassed estimates, while off-price apparel seller TJX inched up 6.5% having posted positive same-store sales.

Equities of No.2 home improvement chain Lowe's headed south 9% after its quarterly revenue along with margins missed estimates because it spent a lot to take on competition.

Celgene lost 6% after American health regulators had the company's application rejected that looked for approval of a major multiple sclerosis medication.

According to a Reuters analysis, in February global investors trimmed their equity exposure to a three-month minimum, although most still expect equities to try fresh maximums notwithstanding soaring bond revenues.

The American 10-year Treasury revenues, an indicator of global borrowing costs, hit 2.8825% having spiked 2.9250% on Tuesday.

Wall Street's number one volatility indicator, the CBOE Volatility index dived to 17.56 points having reached 18.98 after Powell's testimony.


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