US stocks closed lower on GDP data

Source: Dukascopy Bank SA
US stocks tumbled after the data showed the US economy unexpectedly shrank by annualized 0.1% in Q4 in 2012, compared with a forecast of 1.1% expansion. However, strong labour market numbers and the Fed's decision to leave its monetary policy loose limited losses of the US equities. The S&P 500 Index lost 0.39% to end the session at 1,501.96. Only one in ten sectors managed to inch up. The only gainer was utility sector, with Cms Energy and Dominion Resources advancing 0.43% and 0.29%. At the same time, industrials and oil and gas sectors were the top laggards. Cummins and General Dynamics dropped 0.46% and 1.18%. Among energy companies, ConocoPhillips dipped 0.92% after announcing a 58% fall in Q4 earnings amid weak commodity prices. However, some energy stocks witnessed gains. Phillips 66 Common Stock rose 1.47% after reporting upbeat quarterly results. The firm's profits reached USD2.06 per share on adjusted basis, compared with market consensus of USD1.67 per share.
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Thu, 31 Jan 2013 16:35:05 GMT

Dow down 0.32% after GDP, FOMC statement

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