US stocks open lower as economy slows in Q1

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Associated Press

Posted on April 30, 2014 at 7:01 AM

Updated Wednesday, Apr 30 at 7:33 AM

NEW YORK (AP) — U.S. stocks are edging lower after the U.S. reported its economy slowed more drastically in the first quarter than economists expected.

The Dow Jones industrial average was down one point to 16,534 shortly after the market opened Wednesday. The Standard & Poor's 500 index fell three points, or 0.1 percent, to 1,874. The Nasdaq was off 20 points, or 0.5 percent, to 4,082.

The economy slowed in the first three months of the year as winter storms chilled business activity. The Commerce Department said growth downshifted to a barely discernible 0.1 percent annual rate in the January-March quarter, the weakest since the end of 2012.

Twitter fell $5, or nearly 12 percent, to $37.63 in early trading. The social media company's growth disappointed investors when it reported results late Tuesday.

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