US STOCKS SNAPSHOT-Wall St jumps as data, Fed spur economy bets

NEW YORK, April 29 (Reuters) - U.S. stocks rose sharply on Wednesday after grim growth data offered hints of future expansion, a prospect reinforced by the Federal Reserve's hopeful comments.

* Q1 GDP data shows economy shrank more than expected

* Data suggest inventories will need rebuilding

* The Dow Jones industrial average .DJI rose 168.78 points, or 2.11 percent, to end unofficially at 8,185.73, its highest close since February. The Standard & Poor's 500 Index .SPX jumped 18.48 points, or 2.16 percent, to 873.64, its highest close since January. The Nasdaq Composite Index .IXIC gained 38.13 points, or 2.28 percent, to 1,711.94, its highest close since November. (Reporting by Rodrigo Campos; Editing by Jan Paschal)