Stocks rose Tuesday as investors appear to be shaking off a worse-than-expected report that showed economic growth in the third quarter was not as strong as previously forecast.
Overseas markets strengthened. A report that the British economy did not contract as much as previously thought in the third quarter sparked a rally in Europe.
The U.S. government said the nation’s economy grew at an annual rate of 2.2 percent in the third quarter, smaller than the previous estimate of 2.8 percent. The Commerce Department cut the reading because consumers didn’t spend as much, commercial construction weakened and companies reduced inventories.
But the economy returned to growth during the quarter after a record four straight quarters of decline, and many analysts believe the economy is on track for a better finish in the current quarter.
Traders are awaiting a report that is expected to show sales of existing homes rose to their highest level in nearly three years. Economists predict home sales rose 2.5 percent to a seasonally adjusted annual rate of 6.25 million in November, from 6.1 million in October.
A sharp decline in sales and home prices coupled with rising defaults helped push the nation into recession. Any signs of improvement in the market would further boost confidence in the speed of the recovery.
The National Association of Realtors’ report is scheduled to be released at 10 a.m. EST.
In early morning trading, Dow Jones industrial average rose 18.59, or 0.18 percent, to 10,432.73. Standard & Poor’s 500 index rose 1.92, or 0.17 percent, to 1,115.97, while Nasdaq composite index rose 4.91, or 0.22 percent, to 2,242.57.
Trading is expected to be light throughout the holiday-shortened week, which can exaggerate price swings. The market is closed Friday for Christmas.
Stocks moved sharply higher on Monday. Corporate dealmaking and a push toward healthcare overhaul on Capitol Hill fueled big gains. Major indexes rose about 1 percent.
Among the deals, French drug maker Sanofi-Aventis SA said Monday it plans to buy U.S. health care products company Chattem Inc. for $1.9 billion, and mining equipment maker Bucyrus International Inc. said it will acquire Terex Corp.’s mining equipment division for $1.3 billion. Hard money training.
Tags: economy grew, gdp, holiday, investors, stock rise
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