(MENAFN- ProactiveInvestors) U.S. stocks were wavering between slight losses and gains Friday after a series of economic reports including a second reading on fourth quarter GDP showed a 2.2% annual growth rate lower than the previous 2.6% estimate.
The reading was slightly better than expected though as economists had anticipated a 2.1% annual growth rate in the fourth quarter.
As of noon in New York the Dow Jones Industrial Average was down 22 points at 18192 while the Nasdaq fell 7 points to 4981. The S&P 500 was flat at 2111.
The Nasdaq stands about 19 points away from hitting the 5000 mark a level not breached since March 2000. Meanwhile the Dow and the S&P 500 have had their best one month percentage gains since October 2011.
In addition to GDP figures this morning the Chicago purchasing managers index for February plunged 13.6 points to a sub-50 level of 45.8 the lowest level since July 2009 and well below consensus estimates for 58.7. The report attributes the plunge to bad weather and effects tied to the West Coast port slowdown.
Meanwhile the University of Michigan's final consumer sentiment index for February was released showing sentiment improved sharply the last two weeks. The final index is 95.4 up 1.8 points from the mid-month reading. January's final reading was 98.1.
Pending home sales data were also out rising 1.7% in January to 104.2 pointing to moderate strength ahead for final sales of existing homes. This compares to a very steep 3.7% decline in December.
European markets settled mixed today after Germany's parliament approved an extension of Greece's bailout. The Bundestag vote was the only major parliamentary hurdle for the four month extension to the bailout program as other EU countries are expected to vote in favour of the deal which was approved by eurozone finance ministers earlier this week.
Japan's Nikkei hit fresh 15-year highs today after upbeat industrial output data while retail sales slid and inflation slowed.
U.S. crude futures in New York jumped 1.6% last up by 77 cents at $48.94 a barrel in New York as a reduction in rig counts and healthy growth in Chinese demand this year supported prices. China's implied oil demand is set to grow 3% in 2015 according to China National Petroleum.
In corporate activity the earnings calendar was light today but J.C. Penney () slid over 4% after reporting last night a break-even quarter falling short of estimates. Revenue came in above forecasts while comparable store sales jumped by a better-than-expected 4.4%.
Gap () beat on earnings while revenue met estimates though the retailer issued a conservative forecast for 2015 citing West Coast port disruptions and a stronger dollar. Shares gained 3.5%.
() surprised analysts with its adjusted quarterly profit topping views by 19 cents though revenue fell short of forecasts. The company also warned on first quarter and full year sales. Shares dropped almost 8% Friday.
In other news () is planning to hold an event on March 9 amid speculation of the launch of the Watch. The invitation only said "Spring forward" in reference to daylight savings time. AB also said Friday it is suing for infringing 41 patents.
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