The Associated Press

NEW YORK - Investors sent stocks modestly higher Friday, embracing a sluggish gross domestic product reading that was nonetheless better than expected, hoping that falling oil prices would help spur the economy.

Still, with the Republican National Convention next week and traditionally slow trading in August, volume on the major markets remained extremely low - it was the lightest trading day of the year on the New York Stock Exchange - and any boost in stocks would be seen as tentative at best, analysts said.

"This is really anemic," said Chris Johnson, director of quantitative analysis at Schaeffer's Investment Research in Cincinnati. "That's letting a bit of volatility come into the market, but so far this week, it's been on the upside."