The U.S. stock market is trading slightly down in early Friday trading, showing little enthusiasm over the revised Gross Domestic Product (GDP) report.
A report on January existing home sales, which was released at 10:00 am EST, showed a drop while economists were expecting an increase.
The S&P 500 Index is down 3.59 points, or 0.33 percent, to trade at 1,099.89 at 10:09 am. The Dow Jones Industrial Average declined 30.98 points, or 0.30 percent, to trade at 10,290.05. The Nasdaq Composite declined 0.35 percent.
The second estimate of the U.S. GDP in the fourth quarter of 2009, released at 8:30 am EST, showed growth at an upwardly revised annualized rate of 5.9 percent, which beat expectations. Private inventories were revised upward while final sales growth was revised downward.
The report casts doubts on the sustainability of the recovery and investors are reminded that final demand is still constrained by a weak job market.
Before the U.S. stock market opened, American International Group (NYSE:AIG) missed expectations when it reported fourth quarter losses of $9 billion on restructuring costs. The figure is a marked improvement over the $62 billion loss from a year ago. AIG is trading down 8.10 percent.
Asian indices ended higher, with the Nikkei 225 closing up 0.24 percent and Hang Seng Index closing up 1.03 percent.
The U.K. FTSE 100 and German DAX opened with gains and have traded steadily since then. A revised GDP showed that the U.K. economy grew faster than expected. However, U.K. housing prices for February unexpectedly fell.
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