US SMALL/MIDCAPS-Energy, consumer shares lead after GDP data

By Chuck Mikolajczak

NEW YORK, Oct 29 (Reuters) - Mid- and smallcap stocks rebounded on Thursday as data showed the U.S. economy grew faster than expected in the third quarter and solid earnings helped lift energy and consumer stocks.

Energy stocks were led by a handful of companies reporting results, including midcap drilling contractor Patterson-UTI Inc (PTEN.O), up 8.6 percent to $16.97 and smallcap ceramic sand supplier Carbo Ceramics Inc (CRR.N), which surged 16.7 percent to $59.59. [ID:nBNG90563] [ID:nBNG460111]

Scott Billeaudeau, portfolio manager at Fifth Third Asset Management in Minneapolis, noted that energy companies have benefited from the rally in oil. "Service costs are rolling down, and you've got a nice gap," he said.

The S&P MidCap Energy index .4GSPE jumped 4.8 percent while the S&P SmallCap 600 index .6GSPE climbed 3.5 percent.

Government data showed the U.S. economy grew for the first time in more than a year as government stimulus helped lift consumer spending and home building. For details, see [ID:nN29354547]

The data fueled a broad rally across all sectors, putting the S&P MidCap 400 index .MID and the S&P Smallcap 600 index .SML on pace to snap four straight session of declines, including drops of more than 3 percent on Wednesday.

"That GDP number definitely turned the tides, the market was getting a little heavy, especially the small cap market yesterday," said Billeaudeau.

Consumer stocks were lifted by strong earnings from midcap footwear maker Timberland Co (TBL.N), which rocketed nearly 25 percent to $16.60 and all-terrain vehicle maker Arctic Cat Inc (ACAT.O), up 12.9 percent to $6.50. [ID:nBNG465342] [ID:nBNG417259]

The S&P MidCap 400 index rose 2.1 percent while the S&P SmallCap index added 1.9 percent. By comparison, the large cap S&P 500 index .SPX gained 2 percent.

(Reporting by Chuck Mikolajczak, Editing by Chizu Nomiyama)