Stocks finished off January with a giant thud, as stocks dropped on a weak GDP report. Shares of Shake Shack soared in their first day of trading. Bobbi Rebell reports.
The big Shake Shack debut on the New York Stock Exchange not enough to boost the stock market. There the focus was on the economy, which grew at a much slower rate in the fourth quarter, sending stocks to their second losing week in a row, and putting a big red arrow in front of the month of January for stocks as well. But Friday was still a sizzling debut for Shake Shack. The gourmet burger chain's stock more than doubled on its first day as a public company. That values the 63-store chain at nearly $2 billion. Amazon shares rocketed higher a day after the company reported profits that blew past analysts estimates. Credit cards stocks charging higher. Net income at Visa and MasterCard both rose, shooting past Wall Street's targets, after a strong holiday shopping season. Among the losers: UGG maker Deckers Outdoor, which cut its full-year forecast. Mattel's shares rose despite another dismal earnings report. The toy maker's sales fell for the fifth straight quarter on shrinking demand for Barbie dolls and Fisher-Price toys. The economic news wasn't all bad. Consumer sentiment rose last month to its highest level in nine years. In Europe, falling consumer prices weighed on stocks. But for the month, European stocks posted their best performance in more than three years.