a better-than-expected reading on the economy in the third quarter gave way to further questions about corporate profits.
Still, the market appeared generally relieved after a government report showed the economy contracted in the third quarter by less than expected and after the Federal Reserve's second interest rate cut in a month.
The Commerce Department reported that the nation's economic output was the weakest since the third quarter of 2001, but it wasn't as bad a showing as Wall Street had feared.
"I think we're seeing that transition from 'don't buy' to 'maybe we buy something,'" a wall street analyst said.
Wall Street remains worried about how much the economy will slow and whether the stock market's pullback adequately accounts for the decrease in corporate profits likely to come.
, the market appears more enthusiastic about the likelihood that the economy will sidestep a protracted recession.
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