NEW YORK: US stocks swung higher at the open Wednesday after the government reported the economy grew more than first thought in the fourth quarter, encouraging bulls.
The Dow, after closing above the 13,000 mark for the first time in nearly four years Tuesday, advanced 27.40 points (0.21 percent) at 13,032.52 in the first five minutes of trade.
The tech-rich Nasdaq Composite rose 6.66 points (0.22 percent) to 2,993.42, while the broad S&P 500 index gained 2.93 points (0.21 percent) to 1,375.11.
The Wall Street action came after the Dow and S&P 500 indexes closed at their highest levels since 2008, in May and June, respectively.
"A bullish bias lingers this morning," said Karee Venema at Schaeffer's Investment Research after the US government said the economy grew at a faster-than-expected 3.0 percent pace in the fourth quarter, as measured by gross domestic product (GDP).
The upswing was "supported by a favorable revision to US 4Q GDP and another stronger-than-projected loan offering by the European Central Bank," Charles Schwab analysts said.
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