1st Quarter 2009 GDP

Real gross domestic product, goods and services produced in the US, decreased at an annual rate of 5.7% in the first quarter of 2009. In the fourth quarter of 2008, the decrease was 6.3%. The contraction of the imports and upturn in personal consumption expenditures, PCE, were the main cause for the improvement in the GDP.

The market had a mixed reaction to the news in the first 30 minutes after the opening bell. Even though stocks are trading in a mixed fashion, all the indices are up. Energy and Materials, for the third consecutive day, are the leading sectors of S&P 500, up 2.13% and 1.55% respectively.

The U.S. Dollar Index is showing weakness today, down 1.32% at 79.46. Crude oil futures started the day with fresh highs for the fifth consecutive day, ascending to the six month high, trading right above $66 a barrel.

OPEC on Thursday kept its production levels unchanged.

Precious metals are also making their way to their fresh highs. Gold is at $975.50 per ounce. Silver also is trading higher, quoted at $15.57 per ounce.

Keefe Bruyette brokerage firm today upgraded Morgan Stanley, MS, from market perform to outperform. The MS shares are trading higher 2.41% at $30.14.