US stocks end mixed amid upbeat GDP report

New York, Feb 27 (IANS) US stocks closed mixed after wavering in a tight range, as the country’s economic growth was revised up to one percent in the fourth quarter of 2015.

The Dow Jones Industrial Average fell 57.32 points, or 0.34 percent, to 16,639.97 on Friday, Xinhua news agency reported.

The S&P 500 dipped 3.65 points, or 0.19 percent, to 1,948.05. The Nasdaq Composite Index added 8.27 points, or 0.18 percent, to 4,590.47.

According to the second estimate released Friday by the Commerce Department, US real gross domestic product (GDP) increased at an annual rate of 1.0 percent in the fourth quarter of 2015, beating market consensus of 0.4 percent.

In the previous estimate, the increase in real GDP for the fourth quarter of 2015 was 0.7 percent.

“The second print of Q4 GDP surprised to the upside, though the underlying picture of moderation at the end of last year remains unchanged. While consumer spending growth was slightly weaker than initially reported, overall consumption grew 3.1 percent in 2015, the strongest growth since 2005,” said Sophia Kearney-Lederman, an economic analyst at FTN Financial.

In a separate report, the Commerce Department announced that in January, US personal income increased $79.6 billion, or 0.5 percent, and personal consumption expenditures increased $63 billion, or 0.5 percent.

Overseas stock markets rallied broadly on Friday. Chinese stocks finished higher following previous day’s steep decline, with the benchmark Shanghai Composite Index rising 0.95 percent to close at 2,767.21 points.

European equities posted solid gains. German benchmark DAX index at Frankfurt Stock Exchange jumped 1.95 percent, while British benchmark FTSE 100 Index added 1.38 percent.

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