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NEW YORK Sean Couturier Flyers Jersey , Jan. 30 (Xinhua) -- U.S. stocks slumped after a choppy session Friday, with the three major indices notching their biggest monthly losses in a year, as the U.S. government announced the economy grew lower in the final quarter of 2014.


The Dow Jones Industrial Average fell 251.90 points, or 1.45 percent, to 17,164.95. The S&P 500 shed 26.26 points, or 1.30 percent, to 1 Travis Konecny Flyers Jersey ,994.99. The Nasdaq Composite Index dipped 48.17 points, or 1.03 percent, to 4,635.24.


The U.S. real gross domestic product (GDP) expanded at an annual rate of 2.6 percent in the fourth quarter of 2014, below market expectations, said the Commerce Department Friday.


The economy grew 5 percent in the third quarter and 4.6 percent in the second quarter after contracting in the first three months of the year. In the whole 2014, the economy expanded 2.4 percent, compared with an increase of 2.2 percent in 2013.


The department said the decelerated GDP growth in the fourth quarter mainly reflected an upturn in imports Ivan Provorov Flyers Jersey , a downturn in federal government spending and deceleration in nonresidential fixed investment.


However, consumer spending, which accounts for more than two- thirds of U.S. economy activity, increased at a 4.3 percent pace in the fourth quarter, compared with 3.2 percent in the third quarter 2014.


"Households are benefiting from cheaper oil and a stronger dollar already, but as we expected, the negative impact on companies, both on exports and investment Valtteri Filppula Jersey , depressed GDP in the fourth quarter and likely will again in the first quarter of 2015. GDP should reaccelerate after that, but weakness early in the year could keep the Federal Reserve liftoff at bay until the third quarter of 2015," said Chris Low, chief economist at FTN Financial, in a note.


U.S. oil price witnessed its biggest daily gains since June 2012, with light, sweet crude for March delivery soaring 8.33 percent, as signs showed that low crude prices slowed U.S. oil companies' drilling activities.


In corporate news Jordan Weal Jersey , Google shares rose 4.67 percent to 534.52 U. S. dollars apiece Friday after the tech giant reported its fourth- quarter revenue increased 15 percent to 18.10 billion dollars from a year ago.


Amazon shares surged 13.71 percent to 354.53 dollars apiece after the U.S. e-commerce giant posted a better-than-expected profit of the fourth quarter.


Shares of Alibaba decreased 0.81 percent to 89.08 dollars apiece Friday after the previous day's plunge on worse-than- expected quarterly earnings.


Latest data from Thomson Reuters showed that S&P 500 companies' per-share earnings in the fourth quarter are expected to grow 5.3 percent year on year, while revenue growth is forecast to increase 1.6 percent.


For the week, Wall Street registered the fourth weekly drop out of past five, with the blue-chip Dow falling 2.9 percent, and the broader S&P 500 dipping 2.8 percent while the tech-heavy Nasdaq down 2.6 percent.


DAVOS, Switzerland, Jan. 22 (Xinhua) -- Davos used to be a destination for lung disease patients for its pleasant microclimate. But it gradually lost charm after the invention of penicillin.


Now, a new "penicillin" is needed to address such global challenges as laggard economic recovery Brian Elliott Jersey , regional conflicts and terrorism, Chinese Premier Li Keqiang said here Wednesday at the annual meeting of the World Economic Forum (WEF).


But as a magic healer is not readily at hand, the suggestions and actions of China, the world's second largest economy, can be a timely injection of confidence and encouragement for the world to stay healthy and composed.


CHINA PRESCRIPTION


The world is filled up with uncertainties, and at the same time full of hope, Li told his audience.


China calls for safeguarding peace and stability in facing complicated international situations, Li said Brandon Manning Jersey , adding that effective and widely-recognized international orders should be guaranteed rather than breached, or "prosperity and development are just out of the question."


China believes that different cultures, religions and peoples should respect each other, learn from each other and be tolerant, Li added.


Meanwhile, Li noted that China calls on countries to promote opening up and innovation, strengthen international coordination at macro-economic levels when formulating policies in accordance with their own national conditions.


All countries should oppose protectionism and expand regional economic cooperation, Li said.


The international community is advised to vigorously advance structural reforms Scott Laughton Jersey , join forces in the innovation drive, and be ready for the coming of a new revolution of science and technology.


CHINA PLEDGE


During his speech, Li admitted that the Chinese economy still faces relatively large downward pressure in 2015, but vowed that the country will stay composed in its strategic development and not flood the economy with money.


More attention, said the Chinese leader, will be placed on the preset adjustment and fine tuning of the country's policies, as well as directional regulation and control, so that economic operation will be within a reasonable range.


China will also promote the liberalization and facilitation of trade and investment Sean Couturier Jersey , and further open up the service and capital markets, as well as the central and western part of the country, Li said.


When meeting with representatives of the WEF's International Business Council, Li also vowed to advance China's comprehensive reform and open the country wider to foreign investors.


China will continue to push ahead with its reform in key areas in 2015, with the priority being properly handling the relationship between the government and the market, Li said.


He promised that China will carry out deeper and wider reform in its administrative approval system to stimulate market vitality and create a better environment for fair compet . Cheap Presto Shoes Cheap Nike Huarache All Red Cheap Nike Huarache Ultra Cheap Air Huarache Sale Cheap Air Huarache Black Air Jordan 1 For Sale Jordan 7 Shoes For Sale Jorjdan 4 Shoes For Sale Jordan 13 Shoes For Sale Air Jordan 6 For Sale