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Dow, S&P fall slightly after poor US GDP data

AFP

US stocks were mostly lower in opening trade Wednesday after government estimates showed the economy shrunk in the fourth quarter last year largely due to a cut back in government spending.

Five minutes into trade, the Dow Jones Industrial Average was down 10.95 points (0.08 percent) to 13,943.47.

The S&P 500, a broad measure of the markets, lost 0.78 points (0.05 percent) to 1,507.06.

But the tech-rich Nasdaq Composite gained slightly, adding 3.48 points (0.11 percent) at 3,157.14, helped by a 7.5 percent gain from Amazon.

The Commerce Department said the economy shrunk at an 0.1 percent pace in the fourth quarter of last year, mainly due to defense spending cutbacks, but for the full year the economy expanded a modest 2.2 percent.