Wall Street gains on strong GDP data; oil eases

Gross domestic product increased at a 1 percent annual rate instead of the previously reported 0.7 percent pace. U.S. crude prices, a major stock market driver this year, rose nearly 5 percent but pared some of those gains and were up about 2 percent at 11:11 a.m. ET. "We've been low on oil for so long that stable or slightly higher oil price is viewed positively as a stabilizing effect on the economy and stock market," said Mark Spellman, portfolio manager at Alpine Funds in New York.