* 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 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
"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."
Wall Street opened slightly higher despite the GDP data,
with traders awaiting a statement from the Federal Reserve after
its two-day policy-setting meeting. The Fed is expected to keep
monetary policy on a steady, accommodative path, though debate
continues over when it should curtail its bond-buying program.
The S&P 500 held above 1,500, seen by technical analysts as
an inflection point that will determine the overall direction in
the near term. The index is on track to post its best month
since October 2011 and its best January since 1997.
"This is a very modest pullback after a steep run," said
Paul Zemsky, head of asset allocation at ING Investment
Management in New York.
"It is too soon for the Fed to start talking about the end
of (their bond buying program); the economy needs stimulus to
sustain this recovery."
The Dow Jones industrial average rose 0.27 points or
0 percent, to 13,954.69, the S&P 500 lost 1.04 points or
0.07 percent, to 1,506.8 and the Nasdaq Composite
dropped 0.11 points or -0 percent, to 3,153.55.
Both Boeing Co and Amazon.com shares gained
after earnings beat expectations, continuing a trend this
quarter of high-profile names advancing after results.
Amazon rose 5.4 percent to $274.40 and Boeing rose 1.2
percent to $74.54.
Thomson Reuters data showed that of the 192 companies in the
S&P 500 that have reported earnings this season 68.8 percent
have been above analyst expectations, which is a higher
proportion than over the past four quarters and above the
average since 1994.
Chesapeake Energy rose 6.5 percent to $20.20 a day
after it said Aubrey McClendon would step down as chief
executive. The last year has been marked by civil and criminal
probes into the second-largest U.S. natural gas producer.
Research In Motion shares fell 5.7 percent
to $14.76 after the company, which is changing its name to
BlackBerry, unveiled a long-delayed line of smartphones in hopes
of a comeback into a market it once dominated.
Giving the market extra support, private sector employment
topped forecasts with the ADP National Employment report showing
192,000 jobs added in January, higher than the 165,000