1) US GDP grows at fastest pace since 1984
Gross domestic product of the United States of America rose 6.9% in the fourth quarter of 2021, fueled by the rebuilding of inventories and a pickup in consumer spending, the Commerce Department reported Thursday. The growth was higher than a 5.5% estimate by economists.
The U.S. GDP grew 5.7% in 2021, the strongest calendar-year growth since a 7.2% surge in 1984 after a previous recession.
2) Jobless claims drop for the first time in a month
The number of Americans filing for unemployment benefits for the week ending on January 22 decreased for the first time in a month, falling by 30,000 to 260,000 last week, the Labor Department reported Thursday, fewer than the 265,000 analysts were expecting.
Still, the four-week average of jobless claims rose by 15,000 to 247,000, the highest in two months.
3) Apple reports 11% revenue growth, beating analyst forecasts
Apple’s 1Q operating results beat analyst expectations. EPS for the quarter was recorded at $2.10, increased 25% YoY and beat the expectation of $1.89. Revenue grew 11% despite supply disruption and shortage during the pandemic outbreak. Product sales beat expectations in all categories except iPad.
4) Wall Street closed lower despite early surge
Wall Street closed lower on Thursday in a roller coaster session after recording a gain of more than 600 points in intraday as investors still assessed the information from the U.S. Federal Reserve on the rate hike and QE tightening.
Dow Jones closed 0.02% lower, S&P 500 fell 0.54% and Nasdaq plunged 1.40%.