Investing.com - Weak E.U. growth rates watered down U.S. stock gains on Thursday and offset high-profile mergers announced earlier along with better-than-expected jobless data.
At the close of U.S. trading, the Dow Jones Industrial Average finished down 0.07%, the S&P 500 index ended up 0.07%, while the Nasdaq Composite index rose 0.06%.
Eurostat, the statistical arm of the European Union, reported earlier that the eurozone's GDP contracted by 0.6% in the fourth quarter of 2012 from the third, well beyond expectations for a 0.4% decline and far surpassing a previous 0.1% quarterly contraction.
The dip in total output represented the fastest rate of decline since 2009 and marked a third consecutive quarter of contraction.
The annualized GDP rate fell 0.9%, worse than expectations for a 0.7% contraction, after shrinking at an annualized rate of 0.6% in the previous quarter.
Quarterly French, German and Italian data painted similar pictures.
Germany’s economy, the eurozone’s largest, contracted by 0.6% in the in the fourth quarter, more than an expected 0.5% drop on declining exports and investment.
France’s economy also contracted more than forecast, with GDP shrinking by a quarterly 0.3%, while Italy’s economy contracted by 0.9%.
Portugal was home to the worst performing economy in the region, with quarterly GDP contracting 1.8%.
European growth concerns shadowed otherwise positive news in the U.S.
The Department of Labor reported earlier that the number of people filing for initial unemployment assistance last week fell by 27,000 to 341,000, better than market calls for a decline of 8,000 to 360,000.
Jobless claims for the preceding week were revised up to 368,000 from a previously reported gain of 366,000.
Meanwhile, American Airlines and US Airways announced plans to merge, while legendary investor Warren Buffett's investment vehicle Berkshire Hathaway and 3G announced plans to buy ketchup and foods giant Heinz.
Leading Dow Jones Industrial Average performers included Alcoa, up 2.09%, JPMorgan, up 1.13%, and Travelers Companies, up 0.45%.
The Dow Jones Industrial Average's worst performers included Coca-Cola, down 1.02%, Cisco Systems, down 0.80%, and Wal-Mart Stores, down 0.78%.
European indices, meanwhile, finished lower.
After the close of European trade, the EURO STOXX 50 fell 0.81%, France's CAC 40 fell 0.78%, while Germany's DAX 30 finished down 1.05%.
Meanwhile, in the U.K. the FTSE 100 finished down 0.50%.
The U.S. on Friday will release data on manufacturing activity in New York state and industrial production, while the University of Michigan is to release preliminary data on consumer sentiment and inflation expectations.
At the close of U.S. trading, the Dow Jones Industrial Average finished down 0.07%, the S&P 500 index ended up 0.07%, while the Nasdaq Composite index rose 0.06%.
Eurostat, the statistical arm of the European Union, reported earlier that the eurozone's GDP contracted by 0.6% in the fourth quarter of 2012 from the third, well beyond expectations for a 0.4% decline and far surpassing a previous 0.1% quarterly contraction.
The dip in total output represented the fastest rate of decline since 2009 and marked a third consecutive quarter of contraction.
The annualized GDP rate fell 0.9%, worse than expectations for a 0.7% contraction, after shrinking at an annualized rate of 0.6% in the previous quarter.
Quarterly French, German and Italian data painted similar pictures.
Germany’s economy, the eurozone’s largest, contracted by 0.6% in the in the fourth quarter, more than an expected 0.5% drop on declining exports and investment.
France’s economy also contracted more than forecast, with GDP shrinking by a quarterly 0.3%, while Italy’s economy contracted by 0.9%.
Portugal was home to the worst performing economy in the region, with quarterly GDP contracting 1.8%.
European growth concerns shadowed otherwise positive news in the U.S.
The Department of Labor reported earlier that the number of people filing for initial unemployment assistance last week fell by 27,000 to 341,000, better than market calls for a decline of 8,000 to 360,000.
Jobless claims for the preceding week were revised up to 368,000 from a previously reported gain of 366,000.
Meanwhile, American Airlines and US Airways announced plans to merge, while legendary investor Warren Buffett's investment vehicle Berkshire Hathaway and 3G announced plans to buy ketchup and foods giant Heinz.
Leading Dow Jones Industrial Average performers included Alcoa, up 2.09%, JPMorgan, up 1.13%, and Travelers Companies, up 0.45%.
The Dow Jones Industrial Average's worst performers included Coca-Cola, down 1.02%, Cisco Systems, down 0.80%, and Wal-Mart Stores, down 0.78%.
European indices, meanwhile, finished lower.
After the close of European trade, the EURO STOXX 50 fell 0.81%, France's CAC 40 fell 0.78%, while Germany's DAX 30 finished down 1.05%.
Meanwhile, in the U.K. the FTSE 100 finished down 0.50%.
The U.S. on Friday will release data on manufacturing activity in New York state and industrial production, while the University of Michigan is to release preliminary data on consumer sentiment and inflation expectations.