Investors snapped up stocks a few days ahead of the Christmas holiday. The economy grew at a two percent annual rate in the third quarter. Bobbi Rebell reports.
Investors went shopping for stocks again on Christmas week, emboldened by economic growth data and a recovery in oil prices. The U.S. economy grew at a 2 percent annual rate in the third quarter. Peter Cardillo, chief market economist at First Standard: (SOUNDBITE) PETER CARDILLO, CHIEF MARKET ECONOMIST, FIRST STANDARD FINANCIAL (ENGLISH) SAYING: "What's really supporting investor sentiment today is the gross domestic product. In spite of the fact that it was revised slightly lower, it was a solid report." A separate report on existing home sales came in below forecasts. A new strain of E.coli dogging Chipotle shares. Federal authorities are investigating more new cases at the burrito chain that had earlier been hit with an outbreak affecting fifty people. Cost cutting and lower commodity prices helped fatten ConAgra's bottom line. That pushed up the food maker's shares. Shares of Ford and Alphabet rose on news of a possible collaboration. Automotive News reports they're in talks to build self-driving cars. Abercrombie & Fitch promoted the president of its Hollister brand to chief merchandising officer. The move is seen as a way to make its clothing more popular with teens. Shares rose. In Europe, energy shares rallied as oil prices recovered, but the markets finished flat. The FTSE 100 eked out a minor gain.