S&P 500 closes lower, gives up earlier gains as volatility continues; Europe markets close higher despite Fed jitters; Deutsche Bank up 4% on earnings 
Stocks whipsawed in volatile trading Thursday as investors mulled over a better-than-expected fourth-quarter GDP report and an update from the Federal Reserve on its rate hike plan. Fourth-quarter gross domestic product jumped 6.9% from the year prior, the Commerce Department reported Thursday. Economists surveyed by Dow Jones expected the economy grew at a 5.5% annualized pace in the final three months of 2021. 
Netflix jumped more than 7% on news that Pershing’s Bill Ackman bought 3.1 million shares. ServiceNow surged about 8% after better-than-expected quarterly results. 
On the downside, Intel lost 7% and Tesla fell 8% despite a strong earnings report. Robinhood shed 7% ahead of reporting quarterly results after the closing bell. 

The pan-European Stoxx 600 closed up by 0.7%, clawing back from earlier losses as U.S. GDP data came in better than expected. Utilities were the top performers, climbing 2%, while travel shares sank 1.6%. 
Toward the top of the Stoxx 600, Deutsche Bank climbed 4.4% after defying market expectations to post a profit for the fourth quarter of 2021, as investment bank revenues rose. 
The German lender said profit attributable to shareholders came in at 145 million euros ($162.7 million) for the final three months of the year — a sixth consecutive quarter of profit and almost triple its profit for the same period in 2020. 
Source: CNBC, Investing.com