Arab Today, arab today wall street stocks dip after us growth slumps in first quarter
Last Updated : GMT 20:43:38
Arab Today, arab today
Arab Today, arab today

Wall Street stocks dip after US growth slumps in first quarter

Arab Today, arab today

Arab Today, arab today Wall Street stocks dip after US growth slumps in first quarter

New York - AFP

Wall Street stocks Wednesday moved somewhat lower in early tradeafter a report showed US economic growth slumped significantly in the first quarter.About 35 minutes into trade, the Dow Jones Industrial Average dipped 10.92 (0.07percent) to 16,524.45.The broad-based S&P 500 shed 5.00 (0.27 percent) to 1,873.33, while the tech-richNasdaq Composite Index lost 30.20 (0.74 percent) to 4,073.35.The Commerce Department reported that gross domestic product rose just 0.1percent in the first quarter, well below the 1.0 percent rise projected by analysts.Key elements to the low GDP figure were a downturn in exports and businessinvestment and a slowdown in consumer spending.However, the Federal Reserve has repeatedly said that bad winter weather in muchof the US was partly to blame for the slowdown in the period.The weak GDP figure was partly offset by a report by payrolls company ADP showingthe private sector added 220,000 jobs in April, the best month since November.Investors punished Twitter after the company reported a $132 million loss anddisappointing user-growth figures. The gain in users was just 5.8 percent over thepast quarter, according to 24/7 Wall Street. Shares tumbled 11.4 percent. Investors also turned on online retail giant eBay, which reported a loss of $2.3billion loss on a large tax charge and projected second-quarter profit of 67-69 centsper share, below the 70 cents expected by Wall Street. Shares fell 5.9 percent.General Electric advanced 0.1 percent after the Alstom board accepted a $17 billionbid for the French company's energy arm. GE said the acquisition would enhance itslong-term growth prospects in the global power market. However, some Frenchofficials have said the deal harms French industrial interests.US nuclear power generator Exelon Corp announced a plan to buy power companyPepco Holdings for $6.83 billion in cash, offering a 20 percent premium to Pepco'sclosing price Tuesday. Pepco jumped 17.5 percent, while Exelon fell 4.2 percent. Express Scripts fell 6.9 percent on an earnings report that showed a 12 percentdecline in profits and a cut in its full-year profit forecast. The prescription-servicecompany said 2014 profits would be $4.82-$4.94 per share, down six cents from theprior range.Bond prices were mixed. The yield on the 10-year US Treasury fell to 2.68 percentfrom 2.70 percent, while the 30-year edged up to 3.50 percent from 3.49 percent.Bond prices and yields move inversely.

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