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Stocks stall on tepid US economic growth

6:03 AM, Apr 29, 2013   |    comments
A sign for Wall Street is seen just outside the New York Stock Exchange.(Photo: Timothy A. Clary, AFP/Getty Images)
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NEW YORK (AP) - Investors, underwhelmed by the quarterly earnings reports from some major companies, are hoping the stock market will pick up the pace this week. It stalled on Friday after word the U.S. economy didn't grow as much as hoped.

The government said the economy grew at a 2.5 percent annual rate in the first three months of the year. That was below the 3.1 percent forecast by economists.

The shortfall reinforced the perception that the economy is grinding, rather than charging, ahead. Investors have also been troubled by reports in the last month of weaker hiring, slower manufacturing and a drop in factory orders.

The S&P 500 index dropped 3 points, or 0.2 percent, on Friday to close at 1,582.

The Dow rose 12 points, or 0.1 percent, to 14,712. And the Nasdaq composite fell 11 points.

 

 

 

 

 

 

Associated Press

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