CORRECTED-US STOCKS-Wall St pares gains as data raises rate hike chances
(Corrects implied expectations of rate hikes in paragraph 5 and removes link to Feb 19 story)
* Crude prices up less than 1 pct, off session highs
* Q4 GDP increased at 1 pct annual rate
* J.C. Penney jumps after results
* Indexes up: Dow 0.08 pct, S&P 0.17 pct, Nasdaq 0.16 pct
By Abhiram Nandakumar
Feb 26 (Reuters) - Wall Street pared early gains on Friday after stronger-than-expected U.S. GDP and consumer spending data raised the likelihood of the Federal Reserve hiking interest rates sooner than expected.
Fourth-quarter gross domestic product increased at a 1 percent annual rate instead of the previously reported 0.7 percent pace. The economy grew at a rate of 2.0 percent in the third quarter.
U.S. crude prices, a major stock market driver this year, also gave up most of their early gains and were up less than 1 percent. Continuación...