US stocks dip on disappointing growth

Written By Unknown on Kamis, 28 Februari 2013 | 23.44

US stocks have edged mostly lower after a fresh government estimate on economic growth in the fourth quarter came in lower than expected.

Five minutes into trade on Thursday, the Dow Jones Industrial Average fell 17.11 points, or 0.12 per cent, to 14,058.26.

The broad-based S&P 500 retreated by 0.65 points, or 0.04 per cent, to 1,515.34.

The tech-rich Nasdaq Composite Index nudged higher by 0.11 points to 3,162.36.

The trading came as the Commerce Department revised the fourth-quarter growth rate to a positive 0.1 per cent, instead of a contraction of 0.1 per cent. Economists had forecast a revision to 0.5 per cent.

Trade was also negatively affected by some disappointing results from JC Penney and other retailers.


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