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GDP revised downward, markets open higher

The nation's economic growth was revised downward for the fourth quarter which eased concerns of accelerated interest rate increases. The markets opened higher with the Dow climbing 75 points to 25,485. Nasdaq gained 41 points to 7371.


On the upside


Etsy (Nasdaq: ETSY) swung to a greater than expected profit for the fourth quarter and forecast full year revenue ahead of estimates.


Weight Watchers (NYSE: WTW) impressed with sharply higher fourth quarter earnings that beat analyst expectations by a wide margin.


The TJX Companies (NYSE: TJX) reported higher fourth quarter earnings and revenue, increased its dividend and announced a stock repurchase program.

On the downside


Acadia Pharmaceuticals (Nasdaq: ACAD) reported a loss for the fourth quarter.


Valeant Pharmaceuticals (NYSE: VRX) disappointed with fourth quarter earnings and revenue that fell short of expectations.


Tesaro (Nasdaq: TSRO) widened fourth quarter losses more than expected.


In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 2 on the NYSE and by nearly 4 to 3 on Nasdaq. The broader S&P 500 rose 9 points to 2,753. Bitcoin plunged $208 to $10,542.


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