Saturday, 28 January 2017
Wall Street Slips After Soft GDP Data, Earnings
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US stocks edged lower for a second consecutive session on Friday as some underwhelming corporate earnings and gross domestic product data offset recent enthusiasm over policy actions by President Donald Trump.
US economic growth slowed more than expected in the fourth quarter, with GDP rising at a 1.9 percent annual rate, below the 2.2 percent rise expected by economists and the 3.5 percent growth pace logged in the third quarter.
Chevron fell 2.4 percent to USD 113.79 after its quarterly profit fell short of analysts' expectations. The stock was the biggest drag on the S&P 500 and the Dow Jones Industrial Average indexes. The S&P energy index , down 0.9 percent, was the worst performing of the 11 major S&P sectors. Starbucks curbed gains on the Nasdaq. Its shares dropped 4.0 percent to USD 56.12 after the world's biggest coffee seller trimmed its full-year revenue forecast.
"The market has rallied on expectations of good things to happen in the future but as we are getting the data that is factual of what is going on, it is not as good as people are hoping," said Andrew Slimmon, portfolio manager at Morgan Stanley Investment Management in Chicago.