News Summary: Stocks fall on economy report

AP News
Posted: Jan 30, 2013 5:04 PM

PULLBACK: Stocks fell after a report showed that the U.S. economy unexpectedly contracted in the fourth quarter of last year. That put the brakes on a rally that has pushed stocks close to record levels.

EARNING SUPPORT: Decent earnings reports helped stem a bigger decline for stocks. Amazon and Boeing both gained after posting fourth quarter results that pleased investors.

FED FACTOR: The stock markets extended declines after the Federal Reserve acknowledged the economy's weakness in a statement following its two-day meeting. The central bank said it will stick with its stimulus plan to boost growth.