Dow slips after US economic growth disappoints
Thursday, January 26, 2012
NEW YORK (AP) -- Stocks are closing mostly lower on news that the U.S. grew at a slower pace than expected in the fourth quarter.
A slump in the Dow Jones industrial average pushed the index down for the week, the first time that has happened in 2012. The index had risen three weeks in a row and is up 4 percent this year.
The Dow fell 74 points, or 0.6 percent, to 12,660. The S&P 500 fell 2 to 1,316. The Nasdaq composite edged up 11 to 2,817.
The U.S. economy grew at a 2.8 percent annual rate in the final three months of last year. Economists had expected 3 percent.
Nearly two stocks fell for every one that rose on the New York Stock Exchange. Volume was light at 3.9 billion shares.