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1st LD Writethru: U.S. stocks decline amid GDP report, Fed statement

Xinhua, April 30, 2015 Adjust font size:

U.S. stocks ended lower on Wednesday as investors were digesting a weaker-than-expected GDP data and the Federal Reserve policy statement.

The Dow Jones Industrial Average lost 74.61 points, or 0.41 percent, to 18,035.53. The S&P 500 was down 7.91 points, or 0.37 percent, to 2,106.85. The Nasdaq dropped 31.28 points, or 0.63 percent, to 2,106.85.

U.S. real gross domestic product (GDP) increased at an annual rate of 0.2 percent in the first quarter this year, according to an advanced estimate released by the U.S. Commerce Department on Wednesday.

The first quarter GDP showed a sharp slowdown from the fourth quarter's 2.2 percent pace and below expectations of 1-percent growth.

Investors were also eyeing on the newly-released Fed statement after its two-day monetary policy meeting on Wednesday. According to the statement, officials mainly focused on the country's economic weakness in recent months, saying U.S. economic growth has "slowed" since last Fed meeting in March, which lowered market expectations for an interest rate hike as soon as June.

On corporate news, Time Warner posted its first quarter revenue of 7.1 billion U.S. dollars, above forecasts, and quarterly adjusted earnings per share of 1.19 dollars, above estimates as well.

Traders also focused on Twitter after it plunged 18.18 percent Tuesday following the release of its quarterly earnings report. Shares continued to decline 8.90 percent in late trading. Enditem