Stocks Flat After GDP Sinks

By Kevin Spak,  Newser Staff
Posted Jan 30, 2009 8:43 AM CST
Specialist Michael Sollitto watches a television screen at a post on the floor of the New York Stock Exchange Wednesday, Jan. 28, 2009, as the Fed rate decision is announced.   (AP Photo/Richard Drew)
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(Newser) – Stocks shrugged their shoulders at the open, unsure what to make of a grim, but better-than-expected GDP report. The Dow rose 31 points, while the S&P inched up 4.6 points, and the Nasdaq climbed 15. GDP shrunk 3.8% in the fourth quarter, the biggest contraction in 26 years, but that was much better than the 5.5% decline the market was bracing for, the Wall Street Journal reports.