U.S. Stocks Rise on GDP Growth; Gap Sinks on Earnings

U.S. stocks picked up steam at the start of Friday’s session as the economy grew more than expected during the fourth quarter.
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U.S. stocks picked up steam at the start of Friday’s session as the economy grew more than expected during the fourth quarter. Gross domestic product rose 1%, compared to a previously reported 0.7%. Consumer spending was up 2%, compared to 35 during the third quarter. Meanwhile, oil prices rose on hopes that major producers will meet in March to freeze production. But analysts said that won't do much for prices because oil output is near a record high. 'If they just say yes, we're going to carry on producing at our high levels, that's not going to help rebalance the market,’ said Spencer Welch, an oil analyst at IHS, based in London. Meanwhile, Gap (GPS) reported a 6.5% drop in fourth quarter revenue, while same stores sales dropped 7%. Finally, remember Marin Shkreli, the infamous pharma CEO who raised the price of an AIDS drug? Shkreli brought the pharma industry into the spotlight and the NY Post is reporting that author Gerald Posner will write a book on the pharmaceuticals industry, to be released in early 2018. TheStreet’s Scott Gamm has details from Wall Street.