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Stocks slide on government’s report on economy’s growth

Trader Gregory Rowe works on the floor

Trader Gregory Rowe works on the floor of the New York Stock Exchange on Wednesday, April 27, 2016. Photo Credit: AP / Richard Drew

Stock indexes fell about 1 percent Thursday after the U.S. government said the economy didn’t grow as much as expected in the first three months of this year. Apple pulled technology companies lower, and consumer companies also lost ground.

AT THE CLOSE ON WALL STREET: The Dow Jones industrial average was down nearly 210.8 points, about 1.2 percent, at 17,830.8. The Standard & Poor’s 500 index was off 19.3 points, about 0.9 percent, at 2,075.8. The Nasdaq composite slipped 57.9 points, about 1.2 percent, to 4,805.3.

CRUDE ENERGY: As the markets closed, the price of U.S. benchmark crude oil was up 37 cents, about 0.8 percent, at $45.70 a barrel on the New York Mercantile Exchange. In London, Brent crude, used to price international oils, was up 46 cents, about 0.1 percent, at $47.64 a barrel.

ECONOMY SLOWS: The U.S. economy grew a bit less than expected in the first quarter. The government said gross domestic product increased just 0.5 percent as consumer spending slowed down, exports kept falling, and business investment plunged. That’s the weakest result in two years, but experts think the economy will bounce back in the current quarter.

TECH TURMOIL: Tech stocks traded lower. Apple fell $2.99, about 3.1 percent, to close at $94.83, after investor Carl Icahn said he’d sold his stake in the company. Earlier in the day, tech stocks were higher after strong results from Facebook and other companies. The social network’s stock reached an all-time high after first-quarter profit nearly tripled, while its revenue was also better than expected. The stock climbed $7.88, about 7.2 percent, to close at $116.77.

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