Wednesday, April 29, 2009
Investors are sending stocks higher following two days of losses, even after a worse-than-expected reading on the economy.
The Commerce Department says the gross domestic product shrank at an annual rate of 6.1% at the start of this year. Economists polled by Thomson Reuters had been expecting a 5% slide.
Though the report shows the recession has yet to loosen its grip on the country, investors are not losing hope. The market is eager for the Federal Reserve's assessment of the economy, expected later Wednesday at the conclusion of its interest rate meeting.
The Dow Jones industrials are up 60 at 8,077. The Standard & Poor's 500 index is up 6 at 861, while the Nasdaq composite index is up 16 at 1,689.