US STOCKS-Wall St flat ahead of Fed after GDP shock

Wed Jan 30, 2013 1:01pm 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 and Nasdaq flat, S&P 500 off 0.1 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 upbeat parts of the report and strong results from Boeing and Amazon.

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...