Investing.com - U.S. stocks opened on Wednesday, after revised data showed that the U.S. economy grew less than expected in the first quarter, sparking fresh uncertainty over a near-term end to the Federal Reserve's stimulus program.
During early U.S. trade, the Dow Jones Industrial Average advanced 0.89%, the S&P 500 index jumped 0.92%, while the Nasdaq Composite index rallied 0.94%.
The Commerce Department said U.S. gross domestic product expanded at an annual rate of 1.8% in the three months to March, down from a previously reported 2.4% expansion. Economists had expected the rate of growth to remain unchanged at 2.4%.
The report said consumer spending was revised down from 3.4% to 2.6%.
Fed Chairman Ben Bernanke said last week that the bank could begin tapering asset purchases by the end of this year if the economy continues to pick up.
Apple shares rose 0.39%, even as Oppenheimer late Tuesday cut its price target on the tech giant to USD460 from USD480.
In the same sector, Microsoft rallied 1.96%, posting gains for the second consecutive session after the tech giant announced a tie-in with Oracle to garner advantage against newer, web-based cloud computing companies.
Oracle shares were up 0.50% at the open of the U.S. trading session.
Elsewhere, McDonald's advanced 0.72% as the chain has retreated from selling Halal food after settling a lawsuit alleging the menu items were not consistently halal.
Adding to gains, Monster Beverage shares jumped 1.14%, after a second wrongful death suit was filed against the energy drink maker, as a 19-year-old suffered cardiac arrest after consuming the drink.
Among healthcare companies, Intuitive Surgical rose 0.38% even as the Food and Drug Administration said the firm broke procedures when it warned customers about problems with its da Vinci surgical robot without first alerting regulators.
In earnings news, General Mills tumbled 1.34% after the cereal maker posted earnings on that met market expectations, but gave a lighter-than-expected outlook.
Other stocks likely to be in focus included Bed Bath & Beyond, after the U.S. close.
Across the Atlantic, European stock markets were sharply higher. The EURO STOXX 50 surged 2.32%, France’s CAC 40 jumped 2.03%, Germany's DAX rallied 1.67%, while Britain's FTSE 100 gained 1.05%.
During the Asian trading session, Hong Kong's Hang Seng Index soared 2.43%, while Japan’s Nikkei 225 Index tumbled 1.04%.
During early U.S. trade, the Dow Jones Industrial Average advanced 0.89%, the S&P 500 index jumped 0.92%, while the Nasdaq Composite index rallied 0.94%.
The Commerce Department said U.S. gross domestic product expanded at an annual rate of 1.8% in the three months to March, down from a previously reported 2.4% expansion. Economists had expected the rate of growth to remain unchanged at 2.4%.
The report said consumer spending was revised down from 3.4% to 2.6%.
Fed Chairman Ben Bernanke said last week that the bank could begin tapering asset purchases by the end of this year if the economy continues to pick up.
Apple shares rose 0.39%, even as Oppenheimer late Tuesday cut its price target on the tech giant to USD460 from USD480.
In the same sector, Microsoft rallied 1.96%, posting gains for the second consecutive session after the tech giant announced a tie-in with Oracle to garner advantage against newer, web-based cloud computing companies.
Oracle shares were up 0.50% at the open of the U.S. trading session.
Elsewhere, McDonald's advanced 0.72% as the chain has retreated from selling Halal food after settling a lawsuit alleging the menu items were not consistently halal.
Adding to gains, Monster Beverage shares jumped 1.14%, after a second wrongful death suit was filed against the energy drink maker, as a 19-year-old suffered cardiac arrest after consuming the drink.
Among healthcare companies, Intuitive Surgical rose 0.38% even as the Food and Drug Administration said the firm broke procedures when it warned customers about problems with its da Vinci surgical robot without first alerting regulators.
In earnings news, General Mills tumbled 1.34% after the cereal maker posted earnings on that met market expectations, but gave a lighter-than-expected outlook.
Other stocks likely to be in focus included Bed Bath & Beyond, after the U.S. close.
Across the Atlantic, European stock markets were sharply higher. The EURO STOXX 50 surged 2.32%, France’s CAC 40 jumped 2.03%, Germany's DAX rallied 1.67%, while Britain's FTSE 100 gained 1.05%.
During the Asian trading session, Hong Kong's Hang Seng Index soared 2.43%, while Japan’s Nikkei 225 Index tumbled 1.04%.