U.S. Stocks Gain Following Better-Than-Estimated GDP Data

U.S. stocks rallied as a report showed faster-than-estimated growth in gross domestic product, fueling speculation the economy is strong enough to withstand higher interest rates.

Visa Inc. and MasterCard Inc. added more than 9 percent each as the two largest U.S. payment networks reported results that topped estimates. Bristol-Myers Squibb Co jumped 8.9 percent after a drug improved survival rates for cancer patients. Energy shares retreated as oil resumed a selloff after U.S. production rose to the highest level since the 1980s.