Scoreboard: GDP brush-off

Wall Street closed higher despite a shock GDP reading, while the Australian dollar pushed back above US93c.

It’s official -- the US is staring down the barrel of that ever elusive double-dip recession (I'm joking of course). Growth contracted 1 per cent in the first quarter of 2014, the first GDP contraction in three years. The result was much worse than the initial estimate of 0.1 per cent, and expectations for a 0.5 per cent fall. And yet stocks pushed higher and bonds actually managed to sell off (yields rise).

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