Stocks slid after the Federal Reserve said growth in economic activity paused in recent months. The FOMC kept interest rates near zero and maintained its aggressive bond-buying program. Also, fourth-quarter GDP surprisingly dropped at a 0.1% annual rate, which largely was due to a sharp drop in military spending and a smaller gain in stockpiles. ADP payrolls rose 192,000 in January, higher than the 175,000 jobs expected. Boeing was among blue-chip gainers, rising 1.28%, after the co. reported quarterly earnings and revenue that beat estimates. Research In Motion fell 12.01% after the co. unveiled two new smartphones and said it would change its name to BlackBerry. Amazon gained 4.77% a day after the co. reported weak sales but surprisingly strong operating income for its fourth quarter. In the evening trade Facebook lost 3.43% in volatile trading after the co. beat analysts' estimates for its quarterly earnings and revenues, but investors were dismayed by its slowing growth. Meanwhile, Qualcomm soared 6.2% after the company’s quarterly results and forecast came in above expectations.
