Stocks Opened Higher after Economic Data

U.S. stocks opened higher on Friday as gains in Intel and AbbVie following strong earnings and a slide in dollar helped investors look past weaker-than-expected U.S. economic growth data. The Dow Jones Industrial Average lately rose 68.09 points, or 0.26%, to 26,444.81. The S&P 500 gained 10.35 points, or 0.36%, to 2,849.60. The Nasdaq Composite added 28.15 points, or 0.38%, to 7,439.31.

Oil prices mostly ticked up Friday, as the dollar reversed a short-lived rally ignited by President Donald Trump’s encouragement of a stronger U.S. currency. March West Texas Intermediate crude gained 4 cents, or nearly 0.1%, to $65.55 a barrel. Brent for March slipped 19 cents, or nearly 0.3%, to $70.24 a barrel.

The U.S. economy expanded at a slower-than-projected pace in the fourth quarter on drags from trade and inventories, offsetting strength in consumer spending and business investment that signals solid momentum entering 2018. Gross domestic product rose at a 2.6 percent annualized rate after 3.2 percent in the prior period, Commerce Department data showed Friday.

Orders for long-lasting manufactured goods rose 2.9 percent in December, the fastest pace since June and another sign of strength for American industry, the Commerce Department said Friday.