Stocks are moving higher after the Commerce Department reported that the gross domestic product expanded by a revised 2 percent in the third quarter.
Previously, the number was pegged at 2.1 percent. This is slower than the second quarter growth of 3.9 percent. The increase in consumer spending stayed at 3 percent, but exports were revised down. Johnson Redbook retail sales increased 2.1 percent week-over-week, beating last week’s increase of 1.5 percent.
The S&P 500 was up by 4 points to 2,025, the Dow Jones Industrial average rose by 53 points to 17,304 and the Nasdaq climbed by 6 points to 4,975.
On the data front, Tyco International plc said it inked a deal to acquire ShopperTrak for $175 million in cash. ShopperTrak offers location-based analytics and consumer behavior data for the retail industry. Currently, ShopperTrak serves 1,200 retailers in 97 countries. Tyco also acquired FootFall, which offers retail traffic analytics and is based in the U.K.
Abercrombie & Fitch announced management changes, sending the stock higher by 5 percent to $26.95. Fran Horowitz was promoted to a newly created position, president and chief merchandising officer. Christos Angelides, who was president of Abercrombie was terminated. Angelides, who was only in the position for a little over a year will leave with a severance package of roughly $5.5 million and health insurance for a year.
Nike reports its earnings after the close of the market today. Analysts are estimating that the athletic giant will deliver $0.83 a share in earnings. The stock is up almost 1 percent in early trading to sell near $131.00. The company has had amazing performance this year with the stock jumping 35 percent year-to-date. Yesterday, Canaccord Genuity analysts increased the target price to $132 from $123 on Nike stock, but retained the hold rating.
Asian markets closed on a mixed note with Japan down slightly, while Hong Kong and China closed up slightly. The European indices are trading lower. France’s CAC is lower as consumer names pull the market down. Germany is down, while the U.K.’s FTSE is up as financial stocks move higher.