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Stocks end higher on strong GDP, weaker oil

Reuters - Friday, August 29

NEW YORK - U.S. stocks ended sharply higher on Thursday, as a decline in oil prices and data showing the economy expanded much more than expected in the second quarter boosted shares of major industrial and financial companies.

All three major stock indexes ended more than 1 percent higher after the government said strong export growth helped the economy grow at a 3.3 percent annual rate between April and June, above an initial estimate of 1.9 percent.

Based on the latest available data, the Dow Jones industrial average ended with gains of 209.99 points, or 1.83 percent, at 11,712.50, while the Standard & Poor's 500 Index rose 18.59 points, or 1.45 percent, to 1,300.25. The Nasdaq Composite Index climbed 29.18 points, or 1.22 percent, at 2,411.64.

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