Wall St little changed after GDP data; eyes on earnings

U.S. stocks remained unmoved in early trade, despite an upward revision to the growth rate at the end of 2016. Since the start of the year, the S&P 500 is up 5.7 per cent, its best quarterly performance since 2015.

But the data had little impact on shares, with the Dow Jones up 20.23 points, or 0.1%, at 20,679.55. Real estate companies led the gainers.

"The market is looking for new catalysts in the form of fresh policy news from the Trump administration that can help regain the confidence in his pro-growth mandate after the healthcare bill disappointment", said Andre Bakhos, managing director at Janlyn Capital LLC in Bernardsville, New Jersey.

The Dow Jones Industrial Average DJIA, -0.31% rose 0.3% for the week and 4.6% for the quarter, the S&P 500 index SPX, -0.23% gained 0.8% on the week and 5.5% for the quarter, and the Nasdaq Composite Index COMP, -0.04% surged 1.4% for the week to notch a almost 10% gain for the quarter.

The Dow was down 44 at 20,686 while the more broadly-based S&P 500 eased a couple of points to 2,366.

In February, personal consumption expenditures (PCE) increased 7.4 billion dollars, or 0.1 percent, slightly below market expectations of 0.2 percent. The index hit an all-time high on Thursday. Cenovus was down 10.1 percent at $11.76.

Canada's main stock index fell modestly in morning trading on Friday, weighed by financial and railway companies, though better-than-expected results from BlackBerry offset some of the losses. Three stocks rose for every two that fell on the New York Stock Exchange.

Adele: 'I may never tour again'
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The drop in Cenovus' stock showed investors are viewing the deal as "highly dilutive to the shareholders and a company with pretty much a pristine balance sheet is now leveraged to the hilt and very, very, very dependent on higher oil prices to make sure the deal actually works as planned", said Norman Levine, managing director at Portfolio Management Corp.

Wall Street stocks rallied on Thursday (Mar 30), with banking and oil shares gaining, as USA fourth-quarter growth was upgraded and oil prices rose above US$50 a barrel.

The Commerce Department said consumer spending kept rising in February, though gains in the last two months have been slow.

"As the Fed loves the PCE instead of the CPI, the nearing of their 2% core inflation rate coincides with their determination of hiking at least 3 times this year".

US stocks closed higher on Thursday, 30 March 2017 as financial shares rallied following a positive reading of economic growth and the tech-heavy Nasdaq returned to finish in record territory after a month-long wait.

The Nasdaq Composite was up 2.11 points, or 0.04 percent, at 5,899.66.

The Russell 2000 is up 31.28 points, or 2.3 percent.

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