Fourth quarter GDP was revised lower than expected but the Dow and the Nasdaq still managed to post weekly gains. Jeanne Yurman reports.
Mixed data Friday suggests the economy is slowly improving. But it didn't keep stocks from sliding on the day. Still, the Dow and Nasdaq rose for the fourth straight week. U.S. economic growth slowed more sharply than expected in the fourth quarter. Bankrate.com's chief financial analyst, Greg McBride: SOUNDBITE: GREG MCBRIDE, CHIEF ANALYST, BANKRATE.COM (ENGLISH) SAYING: "Not a surprise to see the GDP revised down. Keep in mind, we've got a very strong dollar right now. That is hurting exporters. Also, American consumers, they have yet to see wage growth." A gauge of business activity in the Midwest fell to its lowest level since 2009, and consumer sentiment dropped this month. But pending home sales rose in January. Monster Beverage shares bubbled up. Stifel said its improved results raises the likelihood that Coca-Cola will buy the maker of energy drinks. Weight Watchers' stock shed roughly a third of its value. The weight loss management company's profit missed estimates, and Credit Suisse slashed its price target. Billionaire activist investor Carl Icahn's publicly traded investment fund posted its first annual loss since 2008 last year, undone by plummeting oil prices. Meanwhile gold closed out February with its biggest monthly loss since September dented in part by a stronger dollar. And Airbus shares took off after the jetmaker announced its fattest dividend. That helped fuel European shares. But the FTSE ended flat.