The Bureau of Economic Analysis reports that first-quarter 2014 GDP contracts by 1%, which was more than the -0.5% number economists expected and the first quarterly negative growth since 2011. S&P Capital IQ chief equity strategist Sam Stovall tells TheStreet's Joe Deaux that this news is "ancient history" to the market, and that no one expects negative growth for the second-quarter. Stovall says the better-than-expected report on jobless claims suggests that the labor market is improving, but that companies aren't hiring at a rapid pace. Stovall says all-in-all Thursday's economic reports are positive for the markets.

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