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    Wall Street Rises on China but Weak U.S. Data Weighs

    IBTimes

    by IBTimes

    3.8K
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    U.S. stocks rose modestly at the open on Thursday (September 27) after weak data reflected sluggish U.S. economic growth and dented optimism China would take steps to bolster its economy.

    The economy in the U.S. grew less than previously forecast in the second quarter, reflecting slower gains in consumer spending and farm inventories.

    The world’s largest economy expanded at a 1.3 percent pace from April through June after growing at a 2 percent rate in the first quarter.

    Applications for U.S. jobless benefits fell 26,000 to 359,000 in the week ended September 22.

    And, global shares reclaimed some of the previous day's sharp losses and the euro steadied, boosted by hopes Spain's budget could nudge Madrid towards a rescue program and allow the ECB to launch its eagerly awaited new bond-buying program.

    The Dow Jones industrial average gained 41.13 points, or 0.31 percent, to 13,454.64. The Standard & Poor's 500 Index added 4.48 points, or 0.31 percent, to 1,437.80. The Nasdaq Composite Index rose 11.34 points, or 0.37 percent, to 3,105.05.