Stocks pushed modestly higher today as traders are optimistic about reports of progress being made in US-China trade talks. A senior administration official told Reuters that the two sides have been making some progress.
The upside was limited by some disappointing GDP data. The Commerce Department said that fourth quarter GDP was revised downward to 2.2 percent. Economists were expecting a downward revision to 2.4 percent.
In other economic news, the Labor Department said that first time unemployment claims unexpectedly dropped by 5,000, and the National Association of Homebuilders said that pending home sales were down.
Facebook is being accused of discriminatory ad practices by the Department of Housing and Urban Development. HUD Secretary Ben Carson said that Facebook’s housing ads were discriminating against people based upon who there are and where they live.
Southwest Airlines says the grounding of Boeing 737 Max 8 jets has cost the company 150 million dollars in profits, as it had to pull over 3 dozen of its Max jets out of service.
And crude oil futures settled lower again amid more worries about energy demand. Oil for May down $0.11 to $59.30 a barrel.