Wall Street edges up after GDP data

30/01/2009 - 14:37

NEW YORK (Reuters) - Wall Street inched higher at the open on Friday after data showed the economy shrank less than expected in the fourth quarter, but still contracted at the fastest pace in nearly 27 years.

Shares of energy companies Exxon Mobil Corp and Chevron Corp rose after the Dow components posted better-than-expected profits.

The Dow Jones industrial average added 31.22 points, or 0.38 percent, at 8,180.23. The Standard & Poor's 500 Index gained 4.15 points, or 0.49 percent, at 849.29. The Nasdaq Composite Index rose 11.29 points, or 0.75 percent, at 1,519.13.

(Reporting by Deepa Seetharaman; Editing by James Dalgleish)