US STOCKS-Wall St flat after GDP shock, Fed awaited

Wed Jan 30, 2013 12:01pm EST
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* Amazon rallies after results, Boeing also up

* RIM changes name, unveils phones, shares fall

* S&P 500 on track for best month since October 2011

* Dow, S&P 500 flat, Nasdaq up 0.2 pct

By Rodrigo Campos

NEW YORK, Jan 30 (Reuters) - U.S. stocks were little changed on Wednesday as data showing the economy unexpectedly contracted in the fourth quarter was offset by positive parts of the report and strong results from Boeing Co and Inc.

Economists stressed that the 0.1 percent contraction in U.S. gross domestic product, caused partly by a plunge in government spending and lower business inventories, is not an indicator of recession.

"Inventories came down and that subtraction is actually positive for the private sector," said Jim Russell, chief equity strategist for U.S. Bank Wealth Management in Cincinnati.

"A lot of the important components going forth are there, like consumption by individuals and capital spending, and they are looking strong."   Continued...