Stocks Opened Higher after GDP Data

U.S. stocks opened higher on Friday, after data showed that U.S. growth revised higher on upward adjustment to inventories. The Dow Jones Industrial Average lately gained 52.91 points, or 0.32%, to 16,750.20. The S&P 500 rose 9.08 points, or 0.47%, to 1,960.78. The Nasdaq Composite was up 30.39 points, or 0.66%, to 4,612.60.

The U.S. economy unexpectedly expanded at a faster pace in the fourth quarter than initially estimated, reflecting a higher value of business inventories. Gross domestic product, the value of all goods and services produced, grew at a 1 percent annualized rate, compared with an initial estimate of 0.7 percent, Commerce Department figures showed Friday.

Brent crude oil hit its highest level since early January on Friday and was on track for its first weekly gain in a month. Brent crude futures were trading at $36.63 a barrel at 1348 GMT, up $1.34 from their last close. U.S. West Texas Intermediate (WTI) crude futures were up $1.05 cents at $34.12.

Honeywell International Inc (HON.N) said on Friday it had offered to buy United Technologies Corp (UTX.N) for $108 per share in cash and stock. Honeywell had offered $42.63 share in cash and 0.614 of its shares for each United Tech share, the company said.

Foot Locker Inc. (FL) on Friday reported quarterly results that came in above Wall Street’s expectations. Fourth-quarter net earnings at the athletic-products retailer rose to $158 million, or $1.14 a share, from $146 million, or $1.01 a share, a year earlier.

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