US markets find some traction

U.S. stock indexes rose modestly in New York Wednesday after the Commerce Department revised its GDP estimate from 1.5 percent to 1.7 percent. Consumer spending increased more than previously reported, bumping the GDP higher, but not as high as the first quarter GDP which rose 2 percent over the fourth quarter of 2011. In early afternoon trading, the Dow Jones industrial average gained 28.53 points to 13,131.52, up 0.22 percent. The tech-heavy Nasdaq Composite index added 6.44 points to 3,083.58, up 0.21 percent. The Standard and Poor's 500 added 3.18 points to 1,412.48. up 0.23 percent. The benchmark 10-year treasury fell 7/32, yielding 1.661 percent. The euro fell to $1.2528 from Tuesday's $1.2565. Against the yen, the dollar rose to 78.72 yen from 78.51 yen. In Tokyo, the Nikkei 255 index added 0.4 percent, 36.52 points, to 9,069.81. In London, the FTSE 100 index fell 0.56 percent, 32.18 points, to 5,743.53.