July 30, 2014- Stocks Rise on upbeat GDP Data

After turning lower over the course of the previous session, stocks are likely to move back to the upside in early trading on Wednesday. The major index futures are currently pointing to a higher open for the markets, with the Dow futures up by 59 points. The upward momentum for the markets is partly due to the release of some upbeat economic data, with a report from the Commerce Department showing that U.S. economic activity rebounded by more than anticipated in the second quarter. The Commerce Department's preliminary report said GDP increased by 4.0 percent in the second quarter following a revised 2.1 percent decrease in the first quarter. Economists had expected GDP to climb by about 3.0 percent compared to the 2.9 percent drop that had been reported for the previous quarter. A separate report from payroll processor ADP showed another notable increase in private sector employment in the month of July, although the pace of job growth came in below economist estimates.