Dow stocks at 52 week highs were AXP, MSFT and VZ. There are no Dow stock 52 week lows.

The Market

Thursday the Dow closed up +24.50 (+0.17%) at 14,700.80.

This morning the Dow was indicated to open down -43 points.

The GDP grew at an annual pace of 2.5% in the first quarter, short of the 2.8% economists were predicting and up from a very low 0.4% in the fourth quarter of 2012.

Pfizer (PFE) fell in after-hours trading after the European Medicines Agency’s Committee for Medicinal Products adopted a negative opinion for Xeljanz for the treatment of adult patients with moderate-to-severe active rheumatoid arthritis.

Chevron (CVX) reported better-than-expected earnings, but revenue fell short of forecasts.

European markets are lower and Asian markets ended mostly lower.

The national average price of gasoline is down seven-tenths of a cent to $3.505 per gallon. I paid $3.409 last night at Costco in Gig Harbor, WA.

Earnings Reports

Chevron Corp. reported net income fell to $6.2 billion, or $3.18 per share, on revenue of $56.8 billion. Last year the company earned $6.5 billion, or $3.27 per share, on revenue of $60.7 billion. Analysts expected Chevron to earn $3.09 cents a share on sales of $56.46 billion.

DIS reports earnings on 5/7/13 after the close.

MRK will report earnings on 5/1/13 before the market open.

PFE will report earnings on 4/30/13 before the market open.

Pfizer (PFE).

Financial Calendar

0830 ET U.S. Q1 GDP expected +3.0% annualized, Q4 +0.4% annualized. Q1 personal consumption expected +2.8%, Q4 +1.8%. Q1 GDP price index expected +1.4%, Q4 +1.0%. Q1 core PCE expected +1.1%, Q4 +1.0%.

0955 ET Final-Apr U.S. consumer confidence (University of Michigan) expected +1.2 to 73.5, early-Apr -6.3 to 72.3.