US STOCKS-S&P hits record on growth bets despite GDP contraction

jueves 29 de mayo de 2014 10:12 GYT

* Jobless claims fall more than expected, 1st qtr GDP revised lower

* Apple to buy Beats for $3 bln, producer Iovine to join company

* Hillshire shares jump as Tyson bids more than Pilgrim's Pride

* Indexes up: Dow 0.1 pct, S&P 500 0.2 pct, Nasdaq 0.2 pct (Updates prices, adds economic data)

By Rodrigo Campos

NEW YORK, May 29 (Reuters) - U.S. stocks rose at the open on Thursday on expectations of strong growth in the second quarter, even as data showed the world's largest economy contracted in the first quarter.

Supporting the push to a fresh record high on the S&P 500, the number of Americans filing new claims for unemployment benefits fell more than expected last week, pointing to a strengthening labor market.

"Personal consumption was actually revised up, it was a big number and it held," said Phil Orlando, chief equity market strategist at Federated Investors in New York, speaking of the internals of the GDP data.

"This gives me greater confidence that we're looking at 3 handles on GDP for the rest of the year."   Continuación...