US STOCKS-S&P scales new peak as investors bet on growth

jueves 29 de mayo de 2014 12:38 GYT

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By Rodrigo Campos

NEW YORK, May 29 (Reuters) - U.S. stocks rose on Thursday and the benchmark S&P 500 index scaled new peaks as traders bet on strong growth in the second quarter even as data showed the world's largest economy contracted in the first quarter.

The gains were supported by a report showing the number of Americans filing new claims for unemployment benefits fell more than expected last week, pointing to a strengthening labor market. Separately, the Commerce Department slashed its estimate of gross domestic product to show the economy shrank at a 1.0 percent annual rate.

"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, referring to details in the gross domestic product data released earlier in the day.

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