US GDP data disappoints market $AMZN.xnas
- Published: 31 January 2013
- US stocks were weaker overnight after poor GDP data disappointed the market and the Federal Reserve committed to continue with its quantitative easing policy despite recent indications that some Federal Reserve members were concerned about ultra-low interest rates and leaning towards winding back the program
- US GDP surprised to the downside overnight and was responsible for much of the market weakness. The US Economy shrank by 0.1% in Q4 which fueled further debate about the strength of the economy and its ability to absorb further taxes
- Despite recent weakness Boeing managed to rise 1% as earnings were stronger
- Amazon rallied higher to close up 4.77% after posting earnings the previous night
- RIMM officially changed their name to Blackberry and launched their much anticipated BB10 smartphone. The stock fell 12.01% to end the session at $13.78
- DOW -0.32%, S&P500 -0.39% and NASDAQ -0.36%
- USD was weaker as poor GDP data reinforced the current Federal Reserve policy
- Gold rose 0.9% on the Federal Reserve news and Oil rallied 0.3% on employment news that surprised to the upside and confirmation that current QE policy will remain
