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European markets rise
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April 27, 2001: 4:09 p.m. ET
U.S. economic data boosts markets; Bayer, Lufthansa post weak earnings
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LONDON (CNN) - European stocks hit peaks on Friday as unexpectedly strong U.S. Gross Domestic Product (GDP) data boosted hopes that the world's largest economy would avoid a recession.
Frankfurt's electronically traded Xetra Dax closed up 51.58 at 6,175.24, as Deutsche Lufthansa (FLHA), Europe's second-largest airline, closed down 2.8 percent after posting a 95 percent drop in operating profit.
Bayer (FBAY), Germany's biggest drug company, ended down 2.75 percent after posting slightly worse than expected first-quarter results and delivering a cautious outlook.
London's FTSE 100 closed up 83.1 at 5,951.4. British Telecom (BT-A), the country's dominant phone company fell 0.09 percent. Vodafone (VOD), the world's biggest cellular operator, closed flat.
In Paris, the CAC 40 blue chip index closed up 94.24 at 5,575.97. Glassmaker Saint-Gobain (PSGO) rose 3.6 percent after saying first-quarter sales rose 15.8 percent to  7.3 billion.
The pan-European FTSE Eurotop 300, a broader index of the region's largest stocks, was ahead 1.6 percent. The narrower DJ Euro Stoxx 50 index of blue chips added 1.5 percent.
In the U.S., stocks rose late Friday amid optimism that the U.S. economy and corporate profits will recover sooner than expected. The gains came after the nation's gross domestic product grew at a surprisingly strong 2 percent annual rate in the first three months of the year, the government said. That news helped brighten the outlook for corporate profits, overshadowing for a day a string of dismal news about layoffs, consumer confidence and manufacturing.
The Nasdaq composite index rose 14.60 points to 2,049.39 while the Dow Jones industrial average gained 37.41 to 10,731.52.
In the currency market, the euro was lower against the U.S. dollar, fetching 89.12 cents compared with 90.28 in late New York trading on Thursday.
On the upside in Europe, Anglo-U.S. fund group Amvescap (AVZ) rose 7.1 percent. The company agreed to acquire Boston-based fund manager Pell Rudman & Co from London-listed South African life insurer Old Mutual (OML) for an initial $172 million in cash.
Railtrack (RTK), the operator of Britain's rail network, closed up 4.5 percent on a report in the Financial Times that said the British government will give its implicit backing to a plan by the company to separate its business into two distinct operating areas.
Anglo-Dutch consumer products giant Unilever (ULVR) closed up 3.9 percent. The company reported a 61 percent drop in net profit, less than analysts expected, on costs of a spending spree last year. 
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