Indexes edge up as Fed slowdown fears ebb

Banks, technology stocks lead modest advance; tepid GDP growth quashes Fed slowdown concerns

Associated Press
Stocks rise as lackluster reports ease Fed concern
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FILE - In this Wednesday, May 29, 2013, file photo, Specialist Peter Giacchi, left, works on the floor of the New York Stock Exchange. Banks and utility companies led stocks higher in midday trading on Wall Street as the market bounced back from a decline the day before. (AP Photo/Richard Drew, File)

NEW YORK (AP) -- Stocks are ending slightly higher after a report of tepid U.S. economic growth raised expectations that the Federal Reserve will continue its stimulus program.

The government lowered its estimate for growth in the first three months of the year to 2.4 percent from 2.5 percent.

Stocks slid last week on concerns that the Fed might slow its bond purchases.

The Dow Jones industrial average rose 21 points to 15,324 Thursday, or 0.1 percent. The Dow was up 95 points in the afternoon, then faded in the last hour.

The Standard & Poor's 500 rose six to 1,654, or 0.4 percent. The Nasdaq rose 23 points to 3,491.

Three stocks rose for every two that fell on the New York Stock Exchange. Volume was average at 3.5 billion shares.

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