There was a collective sigh of relief on Wall Street after the data revealed the world’s largest economy grew at a higher-than-expected two percent over the quarter.
The data overshadowed Apple’s weaker-than-expected third quarter profit result, reported on Thursday night and which had sparked heavy falls on Asian markets during Friday’s session.
After being down almost 70 points at one stage, the Dow closed up three points, at 13107. The gain wasn’t enough to prevent the index from recording its third consecutive weekly loss.
Among the commodities, oil added 0.7% to US$86.28, but was still down for the week amid concerns the slowing world economy will curb energy demand.
Gold slipped 0.1% to US$1712 as the GDP result improved risk appetite and diminished the likelihood of the Fed expanding its monetary easing program.
There were no major moves among the currencies, with the US dollar more or less flat against a number of its major rivals. Elsewhere, the yen is likely to come under pressure this week amid speculation the Bank of Japan is going to expand monetary stimulus.
There is no major economic data due for release today.