Indices End Mixed on Friday After GDP and Consumer Spending Data
On Friday most were focused on reports that economic growth in the US was 2.5% for the first quarter, compared to 0.4% at the end of 2012. Even though this is an improvement, analysts had predicted a GDP of 3.2%. Government spending also dropped during Q1 and is likely to continue to decline due to the sequester. In corporate news, Chevron (CVX) announced a drop in revenue but beat estimates while Burger King (BKW) beat profit but missed on revenue. Despite a volatile start to the week, Apple (AAPL) rallied on Friday with a 7% total gain that caused the company to end the week above $400.
Word on the Street
- Economic growth accelerates at 2.5% while government spending drops.
- BP Plc (BP) is getting sued by New York City for more than $39 million.
- Spain cuts its economic outlook and delays the target for improving its deficit.
- Apple (AAPL) rallies on Friday and ends week above $400.
- Oil ends below $93 a barrel on economic reports and energy demand worries.
- Chipotle (CMG) Rallies on Strong First Quarter Earnings.
Published on Apr 26, 2013By InvestorGuide Staff