Stocks slip after acceleration in US growth prompts fear of a Fed pullback; Twitter soars
NEW YORK, N.Y. – Stocks are pulling back from record levels as investors bet that faster growth in the U.S. would increase the likelihood that the Federal Reserve will curtail its economic stimulus program.
The U.S. economy expanded at an annual rate of 2.8 per cent in the third quarter, up from 2.5 per cent the previous quarter. That made investors think the Fed could start cutting back its stimulus next month, sooner than many expected.
Twitter soared in its stock market debut.
The Dow Jones industrial average was down 33 points, or 0.2 per cent, at 15,712 as of noon Eastern time Thursday. It was up 50 points earlier.
The Standard & Poor’s 500 stock index gave up eight points, or 0.5 per cent, to 1,761. The Nasdaq composite fell 44 points, or 1.1 per cent, to 3,886.
News from © The Associated Press, . All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.
Join the Conversation!
Want to share your thoughts, add context, or connect with others in your community? Create a free account to comment on stories, ask questions, and join meaningful discussions on our new site.
Leave a Reply
You must be logged in to post a comment.