US STOCKS-Wall St gains after Chinese data, Yahoo up on Alibaba

miércoles 16 de abril de 2014 10:32 GYT

* China's growth slows, but exceeds median forecast

* Bank of America posts loss, shares fall

* Indexes up: Dow 0.6 pct, S&P 0.5 pct, Nasdaq 0.6 pct (Updates prices, adds comment)

By Rodrigo Campos

NEW YORK, April 16 (Reuters) - U.S. stocks rose for a third straight session on Wednesday after China's economic growth exceeded expectations and Yahoo shares rallied on the strength of revenue growth in Chinese e-commerce giant Alibaba, in which it has a stake.

China, the world's second-largest economy, grew at its slowest pace in 18 months at the start of 2014, but the rise was better than expected and showed some improvement in March.

The global economy should grow steadily at best over the coming year, a Reuters poll showed, but any rapid slowdown in China could upset the progress.

"There is a lot of concern about Chinese growth this year so there is some relief in the GDP number," said Jim Russell, senior investment strategist at U.S. Bank Wealth Management in Cincinnati. "We think that is influencing the market today."

Yahoo was the leading percentage gainer on the S&P 500 as revenue growth accelerated in the last quarter of 2013 for Alibaba IPO-ALIB.N, in which Yahoo holds a 24 percent stake. Yahoo shares jumped 7.3 percent to $36.72.   Continuación...