Stocks retreated yesterday on poor economic data and a host of negative earnings guidance. The earnings news today is a little better. Amazon beat estimates and provided first quarter revenue guidance in line with expectations. Procter & Gamble and Honeywell met estimates and reaffirmed outlooks.
The Commerce Department said that fourth quarter gross domestic product (GDP), which measures total goods and services output within U.S. borders, fell at a 3.8% annual rate. That was less than the forecasted 5.5% declined, but marks the biggest contraction since 1982. For 2008, GDP rose 1.3 percent, the slowest pace of growth since 2001, when the economy expanded 0.8 percent.
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