The New York equities markets were higher on Wednesday afternoon, with the Dow Jones Industrial Average up 0.4 percent to 12,190.12. The Nasdaq Composite had gained 0.4 percent as well, to 2,421.54, while the S&P 500 was 0.6 percent higher to 1,394.62. Gains came after the US Commerce Department said that the US economy grew at a 2.2 percent annualized rate in the third quarter, above the 1.6 percent growth rate estimated last month.
There were gains in the telecommunications sector. Verizon added 1.8 percent to $35 after AG Edwards raised its rating from “hold” to “buy”. AT&T gained 3 percent to $33.77 on the announcement that its high-speed internet service will be available at Wal-Mart stores in 13 states. Bell South and Qwest Communications were each 3.4 percent higher, to $44.34 and $7.86 respectively. Bell South said it will introduce a toll-free telephone service for homes, while Goldman Sachs took Qwest off its “least favorite” list.
The oil sector saw gains as crude oil prices advanced. ExxonMobil, Chevron, and ConocoPhillips all were up by 1.6 percent, with ExxonMobil at $75.37, Chevron at $70.96, and ConocoPhillips trading at $65.91.
In the pharmaceuticals sector, Pfizer added 0.2 percent to $27.11 after it said it will lay off 2,000 sales representatives in the US, a job cut of around 20 percent of its sales force in the States.