US stocks mostly fall on weak first quarter growth

Wall Street stocks were mostly lower early Thursday after the US Commerce Department estimated first-quarter economic growth at a feeble 0.5 percent.

That figure lagged expectations and reflected meek consumer spending and a 5.9 percent drop in business investment, the sharpest decline since 2009.

The Bank of Japan's surprise decision against additional stimulus measures also weighed on stocks. Equity markets in Europe were lower and the Nikkei 225 in Tokyo sank 3.6 percent.

Analysts said that, after the poor first quarter US GDP data, it was not clear how strong a second quarter rebound would be.

"There is not yet anything in the data to suggest the rebound will be anywhere near as strong as last spring's," said Chris Low of FTN Financial.

About 25 minutes into trade, the Dow Jones Industrial Average was at 17,963.31, down 0.4 percent. The broad-based S&P 500 lost 0.2 percent at 2,091.34.

But the tech-rich Nasdaq Composite Index rose 0.1 percent to 4,868.55, lifted by banner results from Facebook.

The social networking company powered 9.4 percent higher after announcing that first-quarter profits tripled from the year-ago period to $1.5 billion. Facebook's strong results contrasted with disappointing earnings over the last week from Apple, Microsoft and other large technology companies.

Abbott tumbled 6.8 percent after announcing it would buy medical device maker St. Jude Medical for $25 billion. Abbott said it was attracted to St. Jude for its products to treat cardiovascular problems.

DreamWorks Animation, the studio known for its "Shrek" and "Madagascar" films, surged 24.2 percent on news it agreed to be acquired by Comcast for $3.8 billion. Comcast fell 0.1 percent.

Priceline fell 0.4 percent as it announced the sudden resignation of chief executive Darren Huston following an investigation into Huston's personal relationship with another Priceline employee. Priceline said the probe had shown Huston had behaved inappropriately.

A large number of bigger companies reported earnings, with most rising: Colgate-Palmolive, up 1.1 percent; ConocoPhillips, up 1.4 percent; Ford, up 1.9 percent; Marathon Oil, up 1.1 percent; United Parcel Service, down 1.0 percent; and Viacom, down 2.2 percent.