Briefing.com Intraday Commentary

[BRIEFING.COM] Sellers claimed control of the stock market for the second straight session, pushing the S&P 500 2.3% lower Friday. That left stocks down 0.7% for the week.

Stocks actually began the session with a gain after investors reacted positively to a better-than-feared GDP report. However, a closer look at the data revealed conditions are hardly sound. According to the latest data, the U.S. economy contracted at an annualized rate of 3.8% during the fourth quarter, marking the steepest drop in economic activity since 1982. The decline was less severe than the 5.5% drop that was expected, but that was largely due to an unexpected increase in inventories. Consumer spending, which accounts for roughly 70% of economic activity, remains weak as consumption expenditures dropped at a 3.5% annual rate.

Obama congratulates Iraq for peaceful polls

(RTTNews) - U.S. president Barack Obama congratulated Iraq for holding a largely peaceful vote for provincial councils across the country and called the elections an "important step forward".

Obama said the U.S. is "proud to have provided technical assistance, along with the United Nations and other international organizations, to Iraq's Independent High Electoral Commission, which performed professionally under difficult circumstances."

Voting in the provincial elections ended peacefully amid brisk turnout on Saturday evening. Preliminary results from the electoral commission are expected within five days, while the final numbers are due at the end of February.

Sunnis, who boycotted the January 2005 elections, turned out in force. More than 14,000 candidates were running for just 440 seats on 14 provincial councils. The first nationwide vote in four years is seen as a test of stability before a general election due later this year.

Anti-government rallies staged across Russia as economic woes intensify

(RTTNews) - Thousands of people held anti-government rallies across Russia to protest the government's economic course and its handling of the financial crisis

In Far East cities, including Vladivostok and Khabarovsk, several thousand people hit the streets waving banners with slogans like "The crisis is in the heads of the authorities, not in the economy." They demanded the resignation of Prime Minister Vladimir Putin's government over growing economic problems and accused authorities of suppressing dissent.

In Moscow, Russian police reportedly detained more than 40 people during one protest alone. Meanwhile, government supporters also held their rallies across the country.

Russia has been hit hard by the international economic crisis following year of economic boom amid record high oil prices. However, with the economy in deep trouble, ordinary Russians have been increasingly concerned about what the future might hold as unemployment and the prices of basic food and utilities have risen rapidly.