New York, Aug 28 (DPA) US stocks gained Thursday after economic output figures signalled that the country’s recession could be nearing an end.
The US economy shrank an annualized 1 percent in the April-June period. The Commerce Department’s second estimate of gross domestic product (GDP) was better than most economists had expected and compares with a massive 6.4-percent contraction in the first three months of the year.
A rise in oil prices helped propel energy companies. Crude oil rose 1.44 percent to $72.68 per barrel in New York trading.
Planemaker Boeing Co jumped more than 8 percent after saying its much-delayed 787 Dreamliner aircraft would make its first flight this year. The first deliveries are scheduled for the fourth quarter of 2010.
The blue-chip Dow Jones Industrial Average climbed 37.11 points, or 0.39 percent, to 9,580.63. The broader Standard and Poor’s 500 Index added 2.86 points, or 0.28 percent, to 1,030.98. The technology-heavy Nasdaq Composite Index gained 3.3 points, or 0.01
per cent, to 2,024.43.
The US currency dropped against the euro to 69.7 euro cents from 70.16 euro cents on Wednesday and fell against the Japanese currency to 93.53 yen from 94.25 yen.
