* Spending, trade lift U.S. fourth-quarter growth
* Google shares up after deal with Lenovo Group
* Facebook shares rally as results beat expectations
* Indexes up: Dow 0.4 pct; S&P 0.7 pct; Nasdaq 1.2 pct
By Angela Moon
NEW YORK, Jan 30 Wall Street rose on Thursday,
buoyed by data showing the U.S. economy grew as expected in the
fourth quarter, following a recent selloff triggered by concerns
over emerging markets.
Facebook Inc shares jumped 16 percent to $61.96,
boosting the Nasdaq index which rose more than 1 percent. The
social media company delivered its strongest revenue growth in
two years on Wednesday, beating analysts' estimates.
Despite the day's gain, the S&P 500 was still down more than
3 percent for the month. Investors have been concerned that
recent bold efforts by central banks in emerging economies to
stabilize their currencies may not be enough to staunch an
exodus of funds from those markets.
"The worries about emerging markets could continue for
several weeks if we don't see some real stabilization," said
Randy Frederick, director of trading and derivatives at the
Charles Schwab Center for Financial Research in Texas, Austin.
"There are going to be intermittent stable days like today
but things could easily turn."
The Dow Jones industrial average rose 67.75 points,
or 0.43 percent, to 15,806.54, the S&P 500 gained 12.8
points, or 0.72 percent, to 1,787 and the Nasdaq Composite
added 49.46 points, or 1.22 percent, to 4,100.894.
Visa Inc shares rose 2 percent to $221.45 after the
world's largest credit and debit card company reported a 9
percent rise in quarterly profit as more people used its cards.
Google Inc shares rose 2.6 percent to $1,136.56 a
day after Lenovo Group said it would buy the internet
search giant's Motorola handset division for $2.91 billion.
Data showed U.S. gross domestic product grew at a 3.2
percent annual rate in the fourth quarter, the Commerce
Department said on Thursday, in line with expectations.
Separate data showed the number of Americans filing new
claims for unemployment benefits rose more than expected last
week, but the underlying trend suggested the labor market
continued to heal.
Central banks around the world stepped in again as emerging
market currencies declined. The Russian rouble hit record lows
against the euro on Thursday, and currencies in South Africa and
Hungary hit multi-year troughs in the latest wave of an emerging
market asset sell-off threatening global economic stability.
India's finance ministry said the country would take any steps
necessary to ensure financial market calm.