U.S. Economy Contracts in 1Q

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The major indices pulled back Wednesday as the markets closed at lows of the session. The Dow dropped 178 points, falling below 18,000 for the first time in a week. Wednesday's losses have caused the Dow and S&P 500 to go negative for the week.

Of the 30 Dow stocks, 29 closed lower, with Apple the sole Dow gainer.

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The market pullback comes as fears grow that there may not be a deal in Greece. Negotiations are expected to continue Thursday.

The star stock of the day? Netflix hit a lifetime high of more than $706 per share. This, in the wake of Tuesday night's announcement of a 7-for-1 stock split. Shares of Netflix fell after early gains, closing at $678.61. The stock was trading just slightly higher after hours.

Just as the stock hit those highs, activist investor Carl Icahn tweeted that he sold his remaining 1.4 million shares, reaping $874 million in gains.

Is the U.S. economy growing? Not exactly, but the picture is better than expected. The Commerce Department released a revised number for the first-quarter GDP Wednesday. The economy contracted .2%, which is less than the last estimate of .7%. The revision shows that consumer spending was stronger than previously estimated.

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