REFILE-US STOCKS-Wall St climbs as healthy GDP data boosts confidence

Fri Dec 20, 2013 10:20am EST
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* Red Hat gains after earnings, outlook

* Blackberry up after earlier tumble following results

* Final GDP reading tops expectations

* Indexes up: Dow 0.4 pct, S&P 0.4 pct, Nasdaq 0.46 pct

By Chuck Mikolajczak

NEW YORK, Dec 20 (Reuters) - U.S. stocks climbed on Friday, putting the S&P 500 on pace for its biggest weekly gain in two months, as an unexpectedly strong report on U.S. growth boosted investor confidence that the economy could support a wind-down of Federal Reserve stimulus.

Gross domestic product grew at a 4.1 percent annual rate in the third quarter, the fastest pace in almost two years, and higher than the 3.6 percent pace reported earlier this month. Business spending was also stronger than previously estimated.

"Maybe it's not going to impact the fourth quarter (GDP) but it can certainly lift 2014. The consensus is moving that way, we are looking towards improved economic strength as we move into 2014," said Tim Ghriskey, chief investment officer of Solaris Group in Bedford Hills, New York.   Continued...