US Q4 growth revised up to 3.1%

GDP figures for Q4 2010 have been revised up to 3.1% from the 2.8% forecast last month, helped by a rise in consumer spending and businesses restocking their inventories.

The economy grew by 2.9% for the whole of last year, buoyed by exports strengthening and consumer spending on the increase. Corporate profits are up 20.4% for the year, the highest level since 2004. The Dow Jones opened trading in the black on the news, up 0.7% to 12,170 points, as the gauge looks to make gains for the sixth time in seven sessions. A strong week for the Dow Jones suggests investors have shaken off worries over Japan's nuclear crisis. Despite the revised forecast beating analysts expectations there are concerns the rising oil price will cause a slowdown in consum...