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Stocks slip on report of slow U.S. growth

The facade of the New York Stock Exchange

The facade of the New York Stock Exchange on Oct. 2, 2014. Photo Credit: AP

Stocks are closed lower Thursday, giving back some of the gains they made the day before. The U.S. government said economic growth in the third quarter was slower than expected.

At the close on Wall Street, the Dow Jones industrial average had fallen 23.7 points, about 0.1 percent, to 17,755.8. The Standard & Poor's 500 index nearly recovered, closing down less than a point at 2,089.4. The Nasdaq composite gave up 21.4 points, about 0.4 percent, to 5,074.3.

CRUDE ENERGY: As the markets closed, U.S. benchmark crude oil slipped 17 cents, about 0.4 percent, to $45.77 a barrel in trading on the New York Mercantile Exchange.

SLOWDOWN: The U.S. economy slowed sharply in the summer as businesses cut back on their stockpiling of goods, which offset strength in consumer spending. The growth was a bit slower than analysts expected. In its initial estimate the Commerce Department said the economy, as measured by gross domestic product, grew at a tepid annual rate of 1.5 percent. Analysts had forecast growth of 1.7 percent.

BIG PHARMA TALKS: Allergan, which makes Botox, jumped 8 percent after saying it has held talks with Pfizer about a sale. Both companies have long history of deal-making. About 18 months ago Pfizer tried to buy AstraZeneca.

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