Weak data on economic growth and consumer sentiment dragged stocks lower on the final trading day of April. But the major indexes notched weekly gains, as Fred Katayama reports.
Strong earnings posted by tech bellwethers couldn't lure investors to the markets. Wall Street drifted lower on the final trading day of April. Weighing them down: weak economic growth. Gross domestic product rose at a 0.7 percent annual rate in the first quarter - well below forecasts. Consumer sentiment rose less than expected in April. Stephen Wood of Russell Investments: SOUNDBITE: STEPHEN WOOD, CHIEF MARKET STRATEGIST, RUSSELL INVESTMENTS, (ENGLISH) SAYING: "There's a wait-and-see attitude by the markets on corporate earnings which are by and large good as I mentioned. But also there was some softness in the economic data which may not be lasting, might be more how the5183 y construct GDP more than anything else but there was as little bit of downside in terms of economic data." The Nasdaq hit an intraday record, driven by gains in Amazon.com and Alphabet. The two Internet giants' surging profits easily beat estimates. But Baidu was one of the Nasdaq's biggest losers. The Chinese Internet company issued a weak revenue outlook. Time Inc shares plunged after the magazine publisher said it would not sell itself. In Europe, telecom and utilities stocks pulled shares lower.