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Stocks End Lower as GDP Data Disappoints

Wednesday, January 30, 2013 5:27 PM
Stocks ended lower in trading today, with all three major indexes finishing the day in red, after data released earlier in the day showed that the U.S. economy contracted unexpectedly in the fourth quarter of 2012. The Dow Jones ended the day 0.32% lower at 13,910.42, the S&P 500 ended the day 0.39% lower at 1,501.96, and the Nasdaq ended the day 0.36% lower at 3,142.31. All sectors in the S&P 500 except Consumer Non-Cyclical ended the day in red. Transportation sector was the worst performer in the S&P 500 today, ending the day 1.24% lower. Industrials also fell sharply, ending the day 0.71% lower. Basic Materials sector ended the day 0.66% lower, while Energy sector ended the day 0.75% lower. Consumer Non-Cyclical sector finished 0.19% higher. Stocks slipped today after a report from the Commerce Department showed that the U.S. economy contracted 0.1% in the fourth quarter of 2012. The weaker than expected GDP data overshadowed robust ADP jobs report released earlier today and also provided support to Federal Reserve’s stance on its bond buying program. The Fed today released its monetary policy statement following a two-day meeting. In its statement, the Fed said that it will continue with its bond buying program. Among the major movers in trading today were Amazon.com Inc. (NASDAQ: AMZN), which ended the day 4.76% higher at $272.75, Boeing Company (NYSE: BA), which ended the day 1.28% higher at $74.59, and Research In Motion Limited (NASDAQ: RIMM), which ended the day 12.01% lower at $13.78. European markets ended mostly lower earlier today, with the FTSE 100 Index in London closing 0.25% lower, and the CAC 40 Index in Paris closing 0.54% lower. Asian markets ended mostly higher overnight, with the Nikkei 225 Index in Japan closing 2.28% higher, and the Hang Seng Index in Hong Kong closing 0.71% higher.
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