CORRECTED-US STOCKS-Wall St pares gains as data raises rate hike chances

viernes 26 de febrero de 2016 17:53 GYT

(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...