Stocks Opened Higher after Update GDP Data

U.S. stocks opened modestly higher on Tuesday as investors read the government’s second update of gross-domestic product data as in line with Wall Street expectations. The Dow Jones Industrial Average lately gained 23.21 points, or 0.13%, to 17,274.83. The S&P 500 was up 1.39 points, or 0.07%%, to 2,022.54. The Nasdaq Composite added 0.17 points, to 4,969.09.

The U.S. economy grew at a fairly healthy clip in the third quarter as strong consumer and business spending offset efforts by businesses to reduce an inventory glut, underscoring its resilience despite a raft of headwinds. Gross domestic product grew at a 2.0 percent annual pace, instead of the 2.1 percent rate reported last month, the Commerce Department said in its third estimate on Tuesday.

Automotive News reported that Ford Motor Co. was in talks with Alphabet Inc. GOOGL to build the Internet giant’s driverless cars. Separately, Ford announced Tuesday that its 2015 patent applications included “a record number of inventions related to mobility for the company, including autonomous and connected vehicles wearable devices, eBikes, navigation and ride-sharing platforms.”

ConAgra Foods Inc., the maker of Chef Boyardee pasta and Orville Redenbacher’s popcorn, posted second-quarter sales that trailed analysts’ estimates. Sales in the period ended Nov. 29 slid 1.4 percent to $3.09 billion. Analysts projected $3.1 billion. Revenue from consumer foods fell 2.9 percent to $1.98 billion.