Stocks Up, Despite GDP Plunge

Stocks headed higher at the open today, despite a grisly first quarter GDP report. The Dow rose 61 points, while the S&P and Nasdaq rose 0.9% and 0.8%, respectively, buoyed in part by a surprise 2.2% boost in consumer spending for the quarter. But that optimism was tempered by a 6.1% plunge in GDP. It’s the third month in a row that the economy has contracted, the first time that’s happened in 34 years. (More stock market stories.)