U.S. Stocks Decline Amid Slower GDP Growth, Concern Over Europe

U.S. stocks dropped, with the Standard & Poor’s 500 Index heading for its biggest monthly decline in a year, amid concern over economies in Europe and Russia as data showed slower growth in America.

The S&P 500 slid 0.5 percent to 2,010.30 at 9:32 a.m. in New York. Equity futures on the benchmark index were down as much as 1.1 percent before the release of economic data, as Russia unexpectedly cut interest rates and prices in Europe plunged at a pace last seen in the depths of the recession in 2009.

The economy in the U.S. expanded at a slower pace than forecast in the fourth quarter as cooling business investment, a slump in government outlays and a widening trade gap took some of the luster off the biggest gain in consumer spending in almost nine years.

Gross domestic product grew at a 2.6 percent annualized rate after a 5 percent gain in the third quarter that was the fastest since 2003, Commerce Department figures showed Thursday in Washington. The median forecast of 85 economists surveyed by Bloomberg called for a 3 percent advance. Consumer spending, which accounts for almost 70 percent of the economy, climbed 4.3 percent, more than projected.

Source : Bloomberg

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Sumber : bpfnews.com

European Stocks Decline, Paring Best Start to a Year Since 1989

European stocks declined, paring the best start to a year since 1989, as banks and telecommunications companies dropped.

The Stoxx Europe 600 Index dropped 0.5 percent to 367.05 at the close of trading. The gauge rose as much as 0.4 percent earlier, before falling as much as 0.7 percent as Russia’s central bank unexpectedly cut its key rate.

The benchmark measure still surged 7.2 percent in January as the European Central Bank unveiled a 1.1 trillion-euro ($ 1.2 trillion) quantitative-easing program to combat deflation. Euro-area consumer prices fell more than economists forecast in January, data showed today.

Greece’s ASE Index fell 1.6 percent, reversing earlier gains. The gauge has tumbled 14 percent this week amid concern a coalition led by Syriza, which won Sunday’s election, will challenge austerity measures. Finance Minister Yanis Varoufakis said he’s not interested in persuading Greece’s official creditors to release the final tranche of bailout funds.

The volume of Stoxx 600 shares changing hands was 19 percent greater than the 30-day average, data compiled by Bloomberg show.

Source : Bloomberg

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Sumber : bpfnews.com

U.S. Stocks Decline as Economic Concerns Overshadow Amazon Rally

U.S. stocks fell, with the Standard & Poor’s 500 Index heading for its biggest monthly decline in a year, amid concern over economies in Europe and Russia as data showed slower growth in America.

The S&P 500 slid 0.6 percent to 2,009 at 1:08 p.m. in New York. The gauge is down 2.4 percent for the month, the biggest drop since January 2014. The Dow Jones Industrial Average fell 113.58 points, or 0.7 percent, to 17,303.27 on Friday as Chevron Corp. slashed its drilling budget. The Nasdaq 100 Index rose 0.2 percent as Amazon.com Inc. and Google Inc. surged.

Stocks fell early on Friday as Russia unexpectedly cut interest rates and prices in Europe plunged at a pace last seen in the depths of the recession in 2009. The U.S. economy expanded at a slower pace than forecast in the fourth quarter as cooling business investment, a slump in government outlays and a widening trade gap took some of the luster off the biggest gain in consumer spending in almost nine years.

Gross domestic product grew at a 2.6 percent annualized rate after a 5 percent gain in the third quarter that was the fastest since 2003, Commerce Department figures showed Thursday in Washington. The median forecast of 85 economists surveyed by Bloomberg called for a 3 percent advance. Consumer spending, which accounts for almost 70 percent of the economy, climbed 4.3 percent, more than projected.

A separate report showed American consumer confidence reached an 11-year high in January as a strengthening labor market and plunging gas prices kept households looking on the bright side.

Source : Bloomberg

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Sumber : bpfnews.com

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