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U.S. stocks slide amid economic data

Xinhua, September 29, 2016 Adjust font size:

U.S. stocks traded lower in the morning session on Thursday, as investors digested a batch of newly-released economic data amid the U.S. Federal Reserve Chair Janet Yellen's remarks.

At midday, the Dow Jones Industrial Average was down 36.77 points, or 0.20 percent, to 18,302.47. The S&P 500 shed 3.87 points, or 0.18 percent, to 2,167.50. The Nasdaq Composite Index lost 22.87 points, or 0.43 percent, to 5,295.68.

On the economic front, U.S. real gross domestic product increased at an annual rate of 1.4 percent in the second quarter of 2016, according to the "third" estimate released by the Commerce Department. In the first quarter, real GDP increased 0.8 percent.

In the week ending Sept. 24, the advance figure for seasonally adjusted initial claims was 254,000, an increase of 3,000 from the previous week' s revised level, the Labor Department reported Thursday.

Meanwhile, traders still assessed Yellen's speech and her indications on the timing of next interest rate hike. She said Wednesday in a prepared testimony to the House Financial Services Committee that U.S. banks are well capitalized, but remain challenged by weak interest income, according to media reports.

Yellen added the central bank does not have a "fixed timetable" for raising rates.

U.S. stocks ended higher Wednesday after choppy trading, as investor sentiment was boosted by a strong rebound in oil prices. Enditem