The economy expanded at a slower pace in the first quarter by is expected to accelerate in the second quarter. The markets opened higher with the Dow gaining 20 points to 24,342. Nasdaq surged 77 points to 7195.
On the upside
Exact Sciences (Nasdaq: EXAS) reported a smaller than expected loss for the first quarter as revenue surged.
Mattel (Nasdaq: MAT) reported better than expected earnings for the first quarter.
On the downside
Flex (Nasdaq: FLEX) fell to a loss for the fourth quarter.
First quarter earnings and revenue for U.S. Steel (NYSE: X) missed expectations and the company warned of operational volatility.
Charter Communications (Nasdaq: CHTR) reported higher first quarter earnings and revenue but the stock price tumbled.
In the broad market, advancing issues edged out decliners by a slim margin on the NYSE while advancers outpaced decliners by 6 to 5 on Nasdaq. The broader S&P 500 rose 9 points to 2,675. Bitcoin climbed $132 to $9,231.