This came after Greece's finance minister said the government would not cooperate with the European Union and International Monetary Fund mission. The Dow Jones industrial average .DJI fell 251.9 points, or 1.45 percent, to 17,164.95, the S&P 500 .SPX lost 26.26 points, or 1.3 percent, to 1,994.99 and the Nasdaq Composite .IXIC dropped 48.17 points, or 1.03 percent, to 4,635.24.
By Lucia Mutikani WASHINGTON (Reuters) - U.S. economic growth slowed sharply in the fourth quarter as weak business spending and a wider trade deficit offset the fastest pace of consumer spending since 2006. The slowdown followed two back-to-back quarters of bullish growth and is likely to be short-lived given the enormous tailwind from lower gasoline prices. Other data on Friday showed consumer sentiment jumped to an 11-year high in January. "We look for strong domestic consumption to continue supporting growth momentum in the coming quarters even as investment suffers due to falling oil prices," said Gennadiy Goldberg, an economist at TD Securities in New York.
Shake Shack's debut is the latest in a string of blockbuster IPOs from trendy restaurant chains that cater to younger and more affluent diners willing to pay a bit more for fresher and higher quality food. Growth-hungry investors are hoping to replicate the red-hot run of industry darling Chipotle Mexican Grill . Its IPO followed the successful listing two months ago of fellow premium burger seller Habit Restaurants . Based on 2013 earnings, the company that grew out of a hotdog cart in New York's Madison Square Park is trading at an eye-popping price-to-earnings ratio of about 325, with each restaurant valued at about $27 million.
By Barani Krishnan NEW YORK (Reuters) - Oil prices roared back from six-year lows on Friday, rocketing more than 8 percent as a record weekly decline in U.S. oil drilling fueled a frenzy of short-covering. In a rally that may spur speculation that a seven-month price collapse has ended, global benchmark Brent crude shot up to more than $53 per barrel, its highest in more than three weeks in its biggest one-day gain since 2009. The late-session surge was primed by Baker Hughes data showing the number of rigs drilling for oil in the United States fell by 94 - or 7 percent - this week.
Honda Motor Co Ltd on Friday said it has confirmed that a Takata Corp air bag inflator ruptured in a Jan. 18 crash in Texas that killed the driver. Prior to the incident that took place near Houston, Takata air bags had been linked to at least five deaths. On Thursday, Honda issued a statement about the fatal crash involving a 2002 Honda Accord with a Takata air bag but had not yet confirmed that the inflator had ruptured. U.S. safety regulators have said defective Takata air bag inflators in certain vehicles can rupture and spray metal fragments inside the vehicle.