GDP grows at a 5.3% Annual Rate

The U.S. economy grew at an annual rate of 5.3 percent in the first quarter, faster than the government initially estimated, as companies replenished inventories and shipped more goods overseas.`The first quarter was unambiguously strong, but the issue now is how much of that is going to carry into the second quarter,'' Chris Low, chief economist at FTN Financial in New York, While the economy may be starting to cool, there are some signs of building inflationary pressures. Today's report showed wages and salaries rose at a 5.8 percent annual rate in the first quarter, up from a 1.6 percent pace in the prior three months. Fourth-quarter wages were previously reported as rising at a 4.8 percent annual rate.bloomberg

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U.S. stock market futures rallied Thursday, as a less-than-expected upward revision in first-quarter economic growth calmed inflation fears, and upgrades to blue chip retailer Wal-Mart Stores and Internet sector bellwether eBay Inc boosted sentiment.
S&P 500 futures climbed 8.00 points to 1,269.10 and Nasdaq 100 futures gained 10.00 points to 1,594.50 points. Dow industrials futures improved 3 points. Dow industrials futures advanced 42 points to 11,181. CBS