Wall Street climbs after Q4 GDP growth revised lower to 2.5%; Celgene falls

Wall Street's main indexes rose on Wednesday after the downward revision of US economic growth in the fourth quarter weakened the case for faster increases in interest rates.

The US Commerce Department said gross domestic product expanded at a 2.5 percent annual rate, instead of the previously reported 2.6 percent pace.

Strong economic data earlier in the month had raised fear among traders that US interest rates would rise faster than previously expected, sparking Wall Street's biggest selloff in two years.

Even with the gains in recent weeks, the S&P 500 and the Dow are still on course for their first monthly fall since last March.

"As February comes to a close, large gyrations experienced during the month could very well spill into next month as topic of rates dominates," Peter Cardillo, chief market economist at First Standard Financial in New York, wrote in a note.