Category: Markets / Finance / March 28, 2013 5:48 PM EDT
Wall Street edged higher on Thursday as the S&P 500 rose just above its record closing high.
Markets have been cautious during the week after the controversial bailout in Cyprus, and after the latest events in the Mediterranean island, what country could be next in the Eurozone to ask for a bailout?
“Slovenia is moving from stage left toward center stage,” Art Cashin, director of floor operations at UBS, wrote in a note.
A double-dip recession was confirmed in Eurozone in November 2012 after GDP fell by 0.1 percent in the third quarter, plunging region into recession.
How likely is the U.S. economy to tip back into a recession?
The Commerce Department estimated Thursday that the gross domestic product (GDP) grew at an annual rate of 0.4 percent in the fourth quarter. That was just slightly better than the previous estimate of 0.1 percent, but still the 0.4 percent growth is the lowest for any three-month period since the first-quarter of 2011.
Other data released Thursday showed Chicago PMI fell below expectations in March as it dropped 4.4 percentage points to 52.4 percent. Any reading over 50 percent indicates expansion.