Dow closes down after U.S. economic growth disappoints
By ASSOCIATED PRESS January 27, 2012 9:42AM
In this Jan. 25, 2012 photo, traders work on the floor of the New York Stock Exchange. World stocks faced multiple headwinds Friday Jan. 27, 2012 after disappointing Japanese earnings, higher unemployment in Spain and weak U.S. home sales. Investors awaited quarterly growth figures from the U.S. later in the day. (AP Photo/Richard Drew)
Updated: January 27, 2012 3:20PM
NEW YORK — Stocks are closing mostly lower on news that the U.S. grew at a slower pace than expected in the fourth quarter.
A slump in the Dow Jones industrial average pushed the index down for the week, the first time that has happened in 2012. The index had risen three weeks in a row and is up 4 percent this year.
The Dow fell 74 points, or 0.6 percent, to 12,660. The S&P 500 fell 2 to 1,316. The Nasdaq composite edged up 11 to 2,817.
The U.S. economy grew at a 2.8 percent annual rate in the final three months of last year. Economists had expected 3 percent.
Nearly two stocks fell for every one that rose on the New York Stock Exchange. Volume was light at 3.9 billion shares.
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