Join        Login             Stock Quote

Stocks Fall After GDP Data, Fed; Chesapeake Energy (CHK) Jumps

 January 30, 2013 04:24 PM

(By Balachander) U.S. stocks closed in red after a data showed U.S. GDP shrank in the fourth quarter and the Federal Reserve said growth in economic activity paused in recent months.

The S&P 500 Index fell 0.39 percent to end at 1,501.96. The Dow Jones Industrial Average lost 0.32 percent to finish at 13,910.42. The Nasdaq Composite Index retreated 0.36 percent to close at 3,142.31.

"Employment has continued to expand at a moderate pace but the unemployment rate remains elevated," the Fed said. The central bank decided to keep interest rates unchanged and said it will continue its bond-buying stimulus program until employment improves substantially.

A report from the Bureau of Economic Analysis showed real gross domestic product unexpectedly fell at an annual rate of 0.1 percent in the fourth quarter from the prior quarter, while expectations were in for the growth of 1.1 percent. GDP measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy.

[Related -Level Watching and Swing Trade Planning for Amazon (AMZN)]

The ADP National Employment report - a measure of the monthly change in non-farm private employment - showed that U.S. companies added 192,000 jobs in January, topping economists expectations of addition of 165,000 private-sector jobs. 

Hot Stocks Of The Day: AMZN, BA, RIMM, CHK, AVY, CPNO, BKI

In corporate news, Amazon.com Inc. (NASDAQ: AMZN) added 4.77 percent after the online retail giant posted double-digit sales growth in the fourth quarter. The company guided first-quarter below consensus.

[Related -Intel Corporation (INTC) and 5 Other Stocks That Could Pop on Earnings This Week]

Boeing Co. (NYSE: BA) added 1.28 percent after the aerospace giant reported an increase in core operating earnings as strong commercial airplane deliveries drove double-digit revenue growth.

Research In Motion Ltd. (NASDAQ: RIMM) plunged 12.01 percent after the company launched two new BlackBerry phones. The company is to rename itself as  BlackBerry.

Chesapeake Energy Corp. (NYSE: CHK) surged 6.01 percent after the natural gas and oil explorer said its chief executive Aubrey McClendon has agreed to retire effective April 1, 2013.

Avery Dennison Corp. (NYSE: AVY) gained 6.36 percent after the maker of pressure-sensitive materials and brand identification products posted higher fourth-quarter earnings. The company said it will sell two of its businesses to CCL Industries Inc. for $500 million in cash.

Copano Energy L.L.C. (NASDAQ: CPNO) jumped 14.79 percent after the company agreed to be acquired for $5 billion by Kinder Morgan Energy Partners, L.P. (KMP).

Buckeye Technologies Inc. (NYSE: BKI) lost 6.37 percent after the producer of cellulose-based specialty products posted lower-than-expected second-quarter earnings. 

Global Markets

European markets ended in red, with Germany's DAX down 0.47 percent to close at 7,811.31. France's CAC40 declined 0.54 percent to finish at 3,765.52. The U.K.'s FTSE 100 shed 0.25 percent to end at 6,323.11.

Asian markets closed higher, with China's Shanghai Stock Exchange Composite Index up 1.00 percent to close at 2,382.47. Japan's Nikkei 225 rallied 2.28 percent to finish at 11,113.95. Hong Kong's Hang Seng Index added 0.71 percent to end at 23,822.06. India's BSE Sensex ended 0.07 percent higher at 20,005. 

Commodity & Currency Scan

Crude oil futures rose 0.50 percent to $98.02 per barrel and natural gas futures added 2.42 percent to $3.34 per million metric British thermal units. Gold futures advanced 0.90 percent to $1,677.50 per ounce and silver futures jumped 2.68 percent to $32.02 per ounce.

In the currency market, the euro added 0.55 percent against the U.S. dollar at 1.3566. The British pound added 0.23 percent against the greenback to 1.5800, and the dollar rose 0.41 percent against the Japanese yen to 91.1000.



Post Comment -- Login is required to post message
Alert for new comments:
Your email:
Your Website:

rss feed

Latest Stories

article imageWorld Growth: Mediocre or Pathetic?

The recent disappointing performance of the world economy has been labelled as the "new mediocre" by read on...

article imageSurvey Data For US Services Sector Hint At Mild Q2 Rebound

Yesterday’s discouraging numbers on job growth in April via the ADP Employment Report raise doubts about a read on...

article imageADP: US Job Growth Stumbled In April

Employment growth at US companies slowed in April to the weakest gain in three years, according to this read on...

article imageBogle Says Indexing Destined To Win The Battle Of The Quants

Vanguard founder John Bogle gave a powerful speech last month at the Q Group’s Spring Seminar that lays out read on...

Popular Articles

Daily Sector Scan
Partner Center

Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.