Wall Street lower after GDP data shows contraction

The U.S. government slashed its gross domestic product estimate to show GDP shrinking at a 0.7 percent annual rate instead of the 0.2 percent growth pace it estimated last month. "Monetary policy from the Fed is forward looking and GDP by definition is a rear view mirror and the important thing now is that it wasn't a big miss," said Adam Sarhan, chief executive of Sarhan Capital in New York. "So far, the Fed's been data dependant and the data including today's GDP