Investors found comfort in merger news and an unexpected bump up in fourth-quarter economic growth, while crude oil spiked to $66Stocks managed to finish higher in a see-saw session Thursday despite a spike in oil prices as Iran bickers with Britain over hostages. A report showed economic growth was unexectedly revised higher for the fourth quarter, and there was some merger news. S&P reports that the market could be volatile as traders square positions at the end of the month and quarter.
The Dow Jones industrial average rose 48.39 points, or 0.39%, to 12,348.75. The broader Standard & Poor's 500 index was up 5.3 points, or 0.37%, to 1,422.53. The tech-heavy Nasdaq composite inched up 0.78 point, or 0.03%, to 2,417.88, held back by earnings warnings.
In the energy markets, May NYMEX crude oil spiked $2 to $66.08 a barrel amid political tensions with Iran. There was news of a third U.S. navy carrier group about to head out to the Persian Gulf, and British hostages were still apparently no closer to being released, says Action Economics.
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