US: Stocks dip as Q3 growth ebbs

[NEW YORK] Wall Street stocks opened lower on Thursday after the Commerce Department reported that third-quarter US economic growth slowed to an annual rate of 1.5 per cent.

Five minutes into trade, the Dow Jones Industrial Average stood at 17,728.64, down 50.88 points (0.29 per cent).

The broad-based S&P 500 fell 5.54 (0.27 per cent) to 2,084.81, while the tech-rich Nasdaq Composite Index dropped 24.60 (0.48 per cent) to 5,071.09.

The US growth figure, down from a 3.9 per cent pace in the second quarter, was dragged down by lower private inventory investment. Consumer spending rose 3.2 per cent.

Analysts said profit taking may have also be a factor in the market pullback, with some investors cashing out on a nine percent gain in US stocks in October.

AFP