Stocks Up, Despite GDP Plunge

By Kevin Spak,  Newser Staff
Posted Apr 29, 2009 8:45 AM CDT
A pair of specialists work at their post on the floor of the New York Stock Exchange Monday, April 27, 2009.   (AP Photo/Richard Drew)
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(Newser) – Stocks headed higher at the open today, despite a grisly first quarter GDP report. The Dow rose 61 points, while the S&P and Nasdaq rose 0.9% and 0.8%, respectively, buoyed in part by a surprise 2.2% boost in consumer spending for the quarter. But that optimism was tempered by a 6.1% plunge in GDP. It’s the third month in a row that the economy has contracted, the first time that’s happened in 34 years.