Saturday, 29 April 2017

Wall Street slips on weak GDP data, but indexes rise in April

Stocks edged lower on Wall Street on Friday after data showing the US economy grew at its weakest pace in three years in the first quarter gave traders a reason to cash recent gains. Major indexes closed up for April, however, with the Nasdaq up for six consecutive months, the longest streak in nearly four years.


Gross domestic product grew at a 0.7 percent annual rate, below the 1.2 percent rise estimated by economists, as consumer spending barely increased and businesses invested less in inventories. The economy grew at a 2.1 percent pace in the fourth quarter.

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