Stocks Edges Higher as 1st Quarter GDP Shrinks 5.7%

The U.S. economy shrank by 5.7% in the 1st quarter, a slightly better rate than expected by economists.   Meanwhile, oil edged above the $65 a barrel mark.  The Dow added 6 points to 8409 while Nasdaq held steady at 1751.

On the upside

Dell (Nasdaq: DELL) posted a modest profit that fell versus year-ago levels, but beat expectations.

Shares of J. Crew Group (NYSE: JCG) surged after the apparel retailer posted quarterly results that surpassed analysts' estimates.

Penson Worldwide (Nasdaq: PNSN) offered $50 million in convertible notes at 8% and a conversion price of $9.81 a share.  The company provides solutions to the financial services industry.

On the downside

Jewelry retailer Tiffany & Co. (NYSE: TIF) posted sharply lower revenues and earnings as consumers cut back on spending.   The company reiterated its full-year guidance, but investors were mostly unimpressed.

Shares of Catalyst Pharmaceutical Partners (Nasdaq: CPRX) tumbled after its drug candidate to treat cocaine addiction failed to meet trial goals.

Corporate uniform supplier Cintas Corp. (Nasdaq: CTAS) trimmed its quarterly guidance as its customers laid off workers reducing demand for the company's products.

In the broad market, advancing issues edged out decliners by a margin of 4 to 3 on the NYSE and by a slim margin on Nasdaq. The Russell 2000 which tracks small cap stocks lost a fraction to 492.