Russell 2000 climbing

The Russell 2000 (NYSE: IWM) is in positive territory late in the session. At 3:01 p.m. ET, the small-cap index had climbed 4.03 points, or 0.53%, to 760.16. The Dow Jones Industrial Average (INDU) was up 11.79 points, or 0.09%, to 13,219.06.

The bears and the bulls are engaged in battle as investors struggle to make sense of news that suggests U.S. economic growth is slowing down.

Trading began with news that the U.S. economy grew at an annual rate of 4.9% during the third quarter, according to final figures released by the Commerce Department. The economy grew 3.8% in the second quarter.

But investors didn’t cheer too much, as it’s widely expected that economic growth will slow down in the fourth quarter of 2007 and into the first half of 2008.

Employment numbers released before the opening confirm forecasts of a slower fourth quarter.

The U.S. Labor Department reported that jobless claims for the week ended Dec. 15 increased 12,000 to 346,000 from a level of 334,000 in the preceding week. The rise is greater than projected and a sign that the labor market is cooling, which is consistent with a decline in economic growth.

Here are the current biggest percentage gainers and losers among companies with a market cap between $100 million and $750 million:

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