The U.S. Commerce Department's Bureau of Economic Analysis, in its advance estimate of first-quarter GDP on Wednesday reported the decrease of 0.3% annualized rate.
Weighed down by businesses importing lot of goods to beat higher costs on account of hiked tariffs, it was the first quarterly decline in three years.
In a separate report on monthly consumer spending, accounting for more than two-thirds of economic activity, a rise of 0.7% in March, beat the expectations of 0.5%
Investors, however, deciphered the news in its own way, pulling a late session rebound after a sharp selloff earlier in the day. The late rally helped the indexes to some gains.
The Dow and S&P 500 closed higher rising 141.74 points, or 0.35%, to 40,669.36, and gaining 8.23 points, or 0.15%, to 5,569.06 respectively. The Nasdaq Composite, however, remained the loser, shedding 14.98 points, or 0.09%, to 17,446.34.
(Source: Reuters)
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