COMMENTS after the third quarter’s 5 percent jaw-dripping pace.
Analysts had projected the economy would expand at a 3 percent rate in the final quarter of 2014.
“We got a bit of a disappointment with the GDP numbers. Outside of that it’s still SOS. We’re still in that awkward spot between monetary tightening that the Fed has said they will do, and the economic data coming out that’s not that great,” said Paul Nolte, senior vice president, portfolio manager at Kingsview Asset Management in Chicago.
“We’ve got quantitative easing around the world — sans the United States — and deflation around much of the world. A lot of people are questioning the wisdom of raising interest rates at this point,” he added.
U.S. consumer sentiment climbed in January to its highest in 11 years, with that confidence illustrated in some quarterly earnings, withrallying after reporting results that topped estimates on strong holiday sales.
U.S. stocks furthered their fall after the Greek government said itan extension of the bailout program with the European Union and the International Monetary Fund.
“It does seem to have soured the mood a little bit. But with volatility the way it is, there are still a lot of things to rattle the market,” said Randy Frederick, managing director of trading and derivatives at Charles Schwab.
dropped after the oil producer and Dow component reported a 30 percent decline in quarterly profit; fell, reversing course after climbing to a record $120 a share. jumped in its market debut.
Thefell 251.90 points, or 1.5 percent, to 17,164.95. The payment processor jumped more than 4 percent after reporting a better-than-expected quarterly profit late Thursday.
Thedeclined 26.26 points, or 1.3 percent, 1,994.99; consumer discretionary leading losses and energy the sole sector in 10 gaining.
Theshed 48.17 points, or 1 percent, at 4,635.24.
For every share rising, two declined on the New York Stock Exchange, where 1.2 billion shares traded. Composite volume neared 4.6 billion.
rose $3.71, or 8 percent, to $48.24 a barrel, and climbed $23.90, or 2 percent, to $1,278.50 on the New York Mercantile Exchange.
Thecontinued to climb against other global currencies and the yield on the fell 9 basis points to 1.6662 percent.
Crude’s late-session spike came after oilfield-services firm Baker Hughes reported the number of U.S. rigs in operation fell by another 94 in the past week through Friday.
“Twenty percent of rigs came off line in the last year, and a third of that decline came in the last week, that’s what caused crude to spoke, supply came down sooner than we thought,” Art Hogan, chief market strategist at Wunderlich Securities said.