U.S. 4Q GDP Expands to 3% Growth

Broad market gains yesterday sent the Dow Jones Industrial Average to close above the 13,000 mark for the first time since May 2008 and the S&P 500 ended the day at its best level in nearly four years.  Investors overlooked falling home prices and a 4% drop in January durable goods orders and instead focused on a surprise jump in consumer confidence to a one-year high and the third straight monthly increase on the Richmond Fed’s manufacturing index.  Gains were capped ahead of Wednesday’s U.S. 4Q GDP revision and Fed Chairman Ben Bernanke’s scheduled Congressional economic outlook testimony. Concerns over Europe’s debt woes eased after Germany voted to extend Greece a second bailout package.  Oil fell nearly 2%, breaking a seven-day advance, its longest sustained rally since January 2010.  Technology (+0.9%) led seven of the ten major sectors higher.  Summary of yesterday’s market action: