Late rally propels Dow, S&P 500 to slight gains

The Dow rose 141.74 points, or 0.35%, to 40,669.36, the S&P 500 gained 8.23 points, or 0.15%, to 5,569.06 and the Nasdaq lost 14.98 points, or 0.09%, to 17,446.34.

NEW YORK: The Dow and S&P 500 closed higher after a late rally on Wednesday, erasing declines from most of the session after data showed the economy contracted in the first quarter for the first time in three years.

In a session filled with economic data, the Commerce Department said its advance gross domestic product report showed a 0.3% contraction for the first quarter, falling short of expectations for 0.3% growth, according to economists polled by Reuters.