NEW YORK (AP) – U.S. stocks made small gains Friday morning as banks and consumer products companies traded higher. Beauty products retailer Ulta jumped after it reported strong first-quarter results and raised its projections for the year. Stocks are closing in on their best week since the beginning of March.
KEEPING SCORE: The Dow Jones industrial average rose 29 points, or 0.2 percent, to 17,846 as of 10:16 a.m. Eastern time. The Standard & Poor’s 500 index added 6 points, or 0.3 percent, to 2,095. The Nasdaq composite index picked up 24 points, or 0.5 percent, to 4,925. After big gains earlier in the week, stocks are on pace for their biggest weekly advance since the week that started on Feb. 29.
REVISED: The Commerce Department said the U.S. economy was a bit stronger in the first quarter than it initially believed. The agency said the national gross domestic product grew 0.8 percent in the first three months of the year, above its original estimate of 0.5 percent. The department said the housing market did better than it thought while business investment and trade wasn’t as bad. Experts think economic growth will pick up in the current quarter and rise to around 2 percent.
CONSUMER CLIMB: Consumer stocks led the way in the early going. Ulta Salon, Cosmetics and Fragrance posted strong first-quarter results and raised its estimates for the year. Its stock advanced $20.74, or 9.7 percent, to $234.43.
VANDA SURGES: Vanda Pharmaceuticals climbed after the Food and Drug administration granted a new marketing approval for its schizophrenia drug Fanapt. The company said it could get additional marketing exclusivity for Fanapt as a result. That could bolster sales of the drug, which was originally approved in 2009. Vanda stock rose 89 cents, or 9.4 percent, to $10.38.