(MENAFN- AFP) Wall Street stocks Wednesday moved somewhat lower in early trade after 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 (0.07 percent) to 16,524.45.
The broad-based S&P 500 shed 5.00 (0.27 percent) to 1,873.33, while the tech-rich Nasdaq Composite Index lost 30.20 (0.74 percent) to 4,073.35.
The Commerce Department reported that gross domestic product rose just 0.1 percent 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 business investment and a slowdown in consumer spending.
However, the Federal Reserve has repeatedly said that bad winter weather in much of 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 showing the private sector added 220,000 jobs in April, the best month since November.
Investors punished Twitter after the company reported a $132 million loss and disappointing user-growth figures. The gain in users was just 5.8 percent over the past 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 $2.3 billion loss on a large tax charge and projected second-quarter profit of 67-69 cents per 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 billion bid for the French company's energy arm. GE said the acquisition would enhance its long-term growth prospects in the global power market. However, some French officials have said the deal harms French industrial interests.
US nuclear power generator Exelon Corp announced a plan to buy power company Pepco Holdings for $6.83 billion in cash, offering a 20 percent premium to Pepco's closing 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 percent decline in profits and a cut in its full-year profit forecast. The prescription-service company said 2014 profits would be $4.82-$4.94 per share, down six cents from the prior range.
Bond prices were mixed. The yield on the 10-year US Treasury fell to 2.68 percent from 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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