Stocks Ended Down on Economic Data; February Strong

U.S. stocks closed lower on Friday as data showed U.S. economic growth slowed more sharply than initially thought in the fourth quarter, but the S&P 500 posted its best monthly performance since October 2011. The Dow Jones Industrial Average dropped 81.72 points, or 0.45%, to 18,132.70, finished the week flat and booked a 5.7% gain over the month. The S&P 500 was down 6.24 points, or 0.30%, to 2,104.50, booked a 0.3% loss over the week and advanced 5.5% over the past month. The Nasdaq Composite lost 24.36 points, or 0.49%, to 4,963.53, was slightly higher over the week and posted the monthly gain of 7.1%.

U.S. economic growth braked more sharply than initially thought in the fourth quarter amid a slow pace of stock accumulation by businesses and a wider trade deficit, but the underlying fundamentals remained solid. Gross domestic product expanded at a 2.2 percent annual pace, revised down from the 2.6 percent pace estimated last month, the Commerce Department said on Friday.

Harsh winter weather left U.S. consumers feeling a bit less confident this month, the University of Michigan says. But confidence levels still remain at the highest level in eight years. The University of Michigan says its index of consumer sentiment slid to 95.4 in February from an 11-year high of 98.1 in January.

Oil futures settled higher for the session on Friday as well as the month with Brent crude scoring its biggest monthly percentage gain since May of 2009. Brent crude settled at $62.58 a barrel on the ICE Futures exchange, with prices up 4.2%, or $2.53, for the session.

Google Inc. (GOOG) is investing $300 million into a fund used by SolarCity Corp. SCTY, – 1.42% to install residential solar-power units, reports said Thursday. The funds will cover almost half of the $750 million program to finance 25,000 residential solar projects, USA Today said.

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