Stocks end sharply lower after weaker-than-expected U.S. GDP data; Apple swoons

“U.S. stocks remained lower in choppy trade Friday, as investors grappled with downbeat gross domestic product data, mixed earnings and another big swing upward in oil prices,” Anora Mahmudova and Sjolin Marke report for MarketWatch.

“A slower-than-expected economic growth number resulted in a flight to quality in the morning, with investors flocking into havens such as Treasurys and unloading equities,” Mahmudova and Marke report. “The S&P 500 was lower with big gains in the energy sector limiting the decline. The Dow Jones Industrial Average trimmed a loss and briefly attempted to push higher before slipping back into negative territory with a triple-digit loss… The tech-heavy Nasdaq Composite was also lower on the day.”

“Phil Orlando, chief equity strategist at Federated Investors, said that a big miss in the GDP number had sent investors into bonds and out of stocks,” Mahmudova and Marke report. “‘The headline number was very disappointing, so investors are buying bonds and selling stocks because they think the economy is decelerating. However, this number is likely to be revised upwards,’ said Orlando.”

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