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US: Stocks down but close to record highs

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Wall Street stocks fell modestly on Friday but remained close to record highs to close out the best single-month performance since 2011.

[NEW YORK] Wall Street stocks fell modestly on Friday but remained close to record highs to close out the best single-month performance since 2011.

Stocks got help from a new estimate of fourth-quarter US economic growth that came in better than expected.

Despite shedding 6.24 points or 0.30 per cent for the day, the broad based S&P 500 scored its best month since Oct 2011, putting on 5.5 per cent, to end at 2,104.50.

The Dow Jones Industrial Average lost 81.72 points at 18,132.70. And the tech-rich Nasdaq Composite Index fell 24.36 to 4,963.53.

The official estimate of US growth in the October-December quarter was revised to 2.2 per cent from the initial estimate of 2.6 per cent.

A sharper cut had been expected by markets, and analysts said the figure suggested the economy is growing now at a respectable 3.0 per cent pace or better.

AFP

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