(Reuters) – The New York Stock Exchange opened higher on Thursday as investors welcomed a series of data that bolstered hopes of a soft landing for the U.S. economy.
In early trading, the Dow Jones index gained 75.79 points, or 0.20% to 37,882.18 points and the broader Standard & Poor’s 500 rose 0.37% to 4,886.49 points.
The Nasdaq Composite took 0.43%, or 66.67 points, to 15,548.59.
Preliminary data released Thursday by the Commerce Department showed the U.S. economy grew more than expected in the fourth quarter, while economists polled by Reuters had expected growth of 2 percent.
“The higher-than-expected GDP kind of increases the chances of a soft landing,” said Peter Cardillo, an analyst at Spartan Capital Securities in New York.
“The headline data is the perfect mix of strong consumption and falling inflation. That’s exactly what you want to see if you’re running the Fed and want to cut rates this year. Soft landing: runway acquired,” said Jamie Cox, analyst at Harris Financial Group.
In terms of values, Tesla, which reported on Wednesday evening a drop in its gross margin over the October-December period at an annual rate, and warned of a clear slowdown in the growth in the volume of its vehicles this year, fell by 9 %.
Boeing, for its part, is suffering from the decision of the American civil aviation authority to temporarily prohibit the group from increasing the production rate of its 737 MAX, after the loss of a door in mid-flight. Alaska Airlines Boeing 737 MAX 9 earlier this month. The stock fell 3.9%.
(Written by Diana Mandiá)
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