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U.S. stocks inch up midday amid GDP report

Xinhua, March 28, 2015 Adjust font size:

U.S. stocks traded slightly higher around midday on Friday, as investors were digesting the final revision to the fourth quarter real gross domestic product ( GDP).

At noon, the Dow Jones Industrial Average edged up 7.34 points, or 0.04 percent, to 17,685.57. The S&P 500 gained 1.37 points, or 0.07 percent, to 2,057.52. The Nasdaq Composite Index rose 9.68 points, or 0.20 percent, to 4,873.04.

The U.S. GDP expanded at an annual rate of 2.2 percent in the fourth quarter of 2014, unchanged from the second estimate released last month, the U.S. Commerce Department announced Friday.

The GDP growth stays unrevised due to the larger-than-expected increases in exports and personal consumption expenditures and smaller-than-estimated change in private inventories, according to the report.

"The relative weakness in Q4 has carried over to the first quarter of this year, with the Atlanta Fed's GDP tracker currently projecting a 0.2 percent GDP growth for Q1 2015. It is crucial to see whether Q1 weakness will prove 'transitory' as it did in 2014 or if the slowdown influences business investment and hiring in the second quarter," said Jay Morelock, an economist at FTN Financial, in a note.

U.S. consumer sentiment rebounded in late March. The final Thomson Reuters/University of Michigan's consumer sentiment index ended March at 93.0, up 1.8 points from mid-month March of 91.2.

Investors are awaiting a speech by Federal Reserve Chair Janet Yellen shortly before closing bell on Friday. Analysts said it seems like anytime Yellen talks the market wants to go up. Endite