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    * Yields fall after fourth quarter GDP wasn't revised up higher as expected * Consumer confidence data watched on Friday * Fed Chair Yellen due to speak later on Friday By Karen Brettell NEW YORK, March 27 (Reuters) - U.S. Treasury yields fell on Friday after data showed that U.S. economic growth cooled in the fourth quarter as previously estimated, disappointing traders that had expected an upward revision. Gross domestic product expanded at a 2.2 percent annual rate, unrevised from last month's forecast, the Commerce Department said on Friday in its third GDP estimate. The economy grew at a 5 percent rate in the third quarter. Robust consumer spending, however, limited the slowdown in the pace of activity. "It was disappointing because the headline was expected to be revised up and it wasn't. The most important component, personal consumption, was revised higher, however, and that was expected," said Lou Brien, a market strategist at DRW Trading in Chicago. Benchmark 10-year notes were last up 2/32 in price to yield 1.98 percent, down from 2.00 percent late on Thursday. Weakening data in the past few weeks has added to concerns that first quarter growth will be tepid. Also, a more dovish-than-expected Federal Reserve last week has also led economists to push back expectations of when the U.S. central bank is likely to begin raising interest rates to September. That has sent yields lower, but light demand this week for the U.S. government's auctions of five-year and seven-year notes also suggests that investors are less willing to buy bonds at current valuations. Consumer sentiment data to be released at 10:00 EDT (1400 GMT) will be watched for further economic signals, and Fed Chair Janet Yellen is also due to speak at a San Francisco conference later on Friday. The next major release for the market will be next week's employment report for March. Job gains for the past few months have been strong but some economists say that job growth is outpacing other economic measures, which may mean they have to slow if economic activity does not accelerate. (Editing by Chizu Nomiyama)

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    * Dow Chemical to spin off unit, merge it with Olin. * Q4 GDP at 2.2 pct, but corporate profits fall. * Fed Chair Janet Yellen to speak shortly before the closing bell. * Futures off: Dow 40 pts, S&P 3 pts, Nasdaq 8 pts. By Rodrigo Campos.

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    Stock futures edged lower on Friday, pointing to a fifth straight day of losses for Wall Street. Equities have been under pressure after the latest bout of softer data pointed to a potential U.S. slowdown, while Federal Reserve members continue to suggest a rate hike will occur this year.

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    Shares of EMC Corp. (EMC) are down 1.05% to $25.54 in pre-market trading today as Pacific Crest downgraded the company to "sector perform" from "outperform." Hopkinton, MA-based EMC develops, delivers, and supports information infrastructure and virtual infrastructure technologies, solutions, and services.

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    U.S. stocks rose modestly on Friday after late news of merger talks in the semiconductor space boosted the technology sector and helped major indexes snap a four-day losing streak. The Wall Street Journal reported chipmaker Intel Corp is in talks to buy rival Altera Corp , citing people familiar with the matter, sending the PHLX semiconductor index up 2.8 percent.

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    * Dow Chemical to spin off unit, merge it with Olin. * Fed Chair Janet Yellen to speak shortly before the closing bell. * Futures off: Dow 23 pts, S&P 2 pts, Nasdaq 4 pts. U.S. stock index futures dipped on Friday, setting indexes up for a full week of daily declines, as the dollar index added to the previous session's rebound ahead of a speech from Federal Reserve Chair Janet Yellen.

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    Stock futures pointed to a lower opening for Canada's main stock index on Friday, tracking U.S. futures ahead of the final reading on U.S. real GDP for the fourth quarter and Fed Chair Janet Yellen's speech later in the day. June futures on the S&P TSX index were down 0.14 percent at 7:15 a.m. ET. No major economic events are scheduled.

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    Updated from 7:06 a.m. EDT. Here are 10 things you should know for Friday, March 27: 1. -- U.S. stock futures were sinking Friday at the end of a harsh week on the market. European stocks were mixed Friday, with London's oil-and-resources-heavy FTSE 100 slipping back, while continental markets seemed to be recovering some of Thursday's losses.

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    Wall Street on Friday closed higher for the first time in a week, lifted by rising tech stocks, while oil prices slumped 5 percent on receding fears about Middle East fighting disrupting supplies. U.S. Treasury debt prices jumped on government data indicating U.S. economic growth was slowing and the dollar was down, while gold had its first losing day after a seven-session rally.

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    Bond markets have been encroaching on banking territory. But it appears that bond funds may be taking from banks not only the credit risk that borrowers default, but also a type of maturity transformation risk, of effectively borrowing short to lend long. The Bank of England's Financial Policy Committee on Thursday said it has told U.K. supervisors to quiz fund managers about how they plan to deal with investor redemptions under different conditions.

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    Despite economists continually calling for the 10-year Treasury yield to rise in anticipation of the eventual rate hike from the Federal Reserve, bond yields continue to drift lower. Must Read: 5 Health Care Stocks John Paulson Is Betting On for 2015.  Long-term yields remain low, as economists don't expect a large uptick in inflation and continue to lower their growth estimates.

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    The stock indexes have successfully tested the bottom of their respective risk ranges on an intermediate term basis the past four trading days. After losing 2.48% in value since March 23, the S&P 500 seems to be ready to finish the month of March and the first quarter of 2015 on an up note. Must Read: 10 Stocks Carl Icahn Loves for 2015: Apple, eBay (EBAY), Hertz and More.

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    Shares of Carnival were gaining 1.3% to $45 after-hours Thursday after the cruise line announced new shipbuilding contracts that will add nine new cruise ships to its fleet between 2019 and 2022. Carnival signed agreements with Italian shipbuilder Fincantieri and German shipbuilder Meyer Werft to build new next-generation cruise ships for the fleet.

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    American Airlines (AAL) shares closed trading down 1.43% to $51.26 on Thursday as the airline sector was hurt by rallying oil prices today due to the escalation of the conflict in Yemen.Industry standard Brent crude for April delivery is up 4.46% to $59.00 per barrel while West Texas crude is gaining 4.19% to $51.27 per barrel in trading today as the conflict in Yemen escalated today with Saudi aircr...