Stocks gain as investors shrug off weak data on GDP, durable goods orders

|By:, SA News Editor

A round of discouraging economic data didn’t cause much of a stir in financial markets today, as stocks finished slightly higher in another low volatility, low volume session.

After a slow start, investors looked past the sharpest U.S. economic contraction since 2009 on the notion that the GDP print is "backward looking," and that the outlook for Q2 is much more positive, says Jones Trading's Yousef Abbasi.

Oil refiners were among the day's biggest decliners after the U.S. reportedly is set to relax restrictions of oil exports, as refiners' earnings could come under pressure should the exports narrow the prices between U.S. and international crude benchmarks.

Broadcasters' stocks including CBS, Comcast and Disney rose after the Supreme Court ruled that online video service Aereo violated copyright law.

Treasurys surged in reaction to the morning data before pulling back; the 10-year note added five ticks with its yield slipping 2 bps to 2.56%.