NEW YORK (AP) — Stocks are closing at another 2011 high despite modest economic growth in the U.S.
The U.S. economy grew at a 1.8 annual rate between January and March. That’s the weakest showing since last spring. Higher oil prices cut into consumer spending and bad weather slowed down construction projects.
Stocks rose modestly as investors bet that the economy would continue to grow after gas prices stabilized.
The S&P 500 rose 5 points, or 0.4 percent, to 1,360. The Dow Jones industrial average rose 72, or 0.6 percent, to 12,763. The Nasdaq composite gained 3, or 0.1 percent, to 2,873.
