Stocks Open Higher on Modest Economic Growth Report

December 22, 2009 at 09:00 AM EST

3rd quarter GDP was revised downward by the Commerce Department to a 2.2% pace, but investors remained convinced that the economic recovery remained on track. The Dow rose 39 points to 10,453 while Nasdaq climbed 10 points to 2248.

On the upside

Jabil Circuit (NYSE: JBL) posted lower revenues and a profit to beat expectations while issuing solid sales targets for electronic parts.

Shares of Athersys (Nasdaq: ATHX) continued to rally following an analyst upgrade for its partnership with Pfizer (NYSE: PFE) to develop stem cell treatments.

Lower oil prices boosted the airline sector. Shares of AMR (NYSE: AMR) and Southwest Airlines (NYSE: LUV) rose.

Atlas Pipeline (NYSE: AHD) was upgraded by an analyst. The U.S.-based company operates natural gas facilities.

On the downside

An analyst downgraded apparel maker Warnaco Group (NYSE: WRC).

Shares of Commercial Metals (NYSE: CMC) fell after the steel making and distribution company posted a quarterly loss.

In the broad market, advancing issues outpaced decliners by a margin of nearly 2 to 1 on the NYSE and by 3 to 2 on Nasdaq. The Russell 2000 which tracks small cap stocks added a point to 619.