GDP Revised Down Good News For Wall Street?

Joseph Greco, managing director with brokerage firm Meridian Equity Partners Inc., weighs in on the final reading of first-quarter U.S. GDP being revised to 1.8 percent, down from economists' estimates of 2.4 percent. U.S. stocks climbed higher Wednesday despite the weaker-than-expected final read on first-quarter gross domestic product, as the data diminished fears that the Fed would scale back its stimulus measures later this year. The data comes on the heels of Federal Reserve Chairman Ben Bernanke’s comments last week that the U.S. central bank would likely begin to slow the pace of its asset-purchasing program later in 2013, and end in 2014. Gross domestic product expanded at a 1.8 percent annual rate, the Commerce Department said in its final estimate on Wednesday. Output was previously reported to have risen at a 2.4 percent pace. Economists polled by Reuters had expected first-quarter GDP to be left unrevised at 2.4 percent. On the economic calendar for Thursday:  weekly jobless claims, personal income & consumer spending, the Core PCE price index, and pending home sales.As of 12:57pm Eastern, the Dow Jones industrial average .DJIA gained 98.85 points, or 0.67 percent, to 14,859.16. The Standard and Poor's 500 Index rose 10.76 points, or 0.68 percent, to 1,598.81.