US stocks up on GDP report in relatively calm session; Dow up 189 at 9,180 level

Business Materials 31 October 2008 00:34 (UTC +04:00)

U.S. stocks are showing some welcome signs of stability, closing higher after a relatively calm session despite some downbeat economic news, the Associated Press reported.

The market that a week ago was reeling from fears about a recession took in stride the government's report of a drop in gross domestic product during the third-quarter. The GDP is the broadest measure of economic growth or contraction; the Commerce Department said GDP fell at an annual rate of 0.3 percent during the quarter. Analysts expected a 0.5 percent decline.

The major indexes all rose more than 2 percent, and the Dow Jones industrials are up 189 points at the 9,180 level.

But the Dow traded in a range of less than 300 points - well below the 400- and 500-point swings that have become commonplace.