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U.S. stocks open lower after GDP report

Xinhua, February 28, 2017 Adjust font size:

U.S. stocks opened lower Tuesday as investors meditated on the latest revision to the country's fourth-quarter economic growth.

U.S. Real gross domestic product (GDP) increased at an annual rate of 1.9 percent in the fourth quarter of 2016, missing market consensus of 2.1 percent, according to the second estimate released by the Commerce Department. In the third quarter, real GDP increased 3.5 percent.

Real GDP increased 1.6 percent in 2016,unchanged from the first estimate a month ago.

In a separate report, the department announced that the international trade deficit was 69.2 billion U.S. dollars in January, up from 64.4 billion dollars in December.

Investors also kept a close eye on U.S. President Donald Trump, who is going to give his first speech to a joint session of Congress Tuesday night. Markets expected Trump to unveil some elements of his plans to cut taxes, including tax cuts for the middle class, and simplification of the tax system.

Shortly after the opening bell, the Dow Jones Industrial Average fell 19.07 points, or 0.09 percent, to 20,818.37. The S&P 500 lost 4.09 points, or 0.17 percent, to 2,365.66. The Nasdaq Composite Index decreased 10.01 points, or 0.17 percent, to 5,851.89.

On Monday, U.S. stocks kept rising, with the Dow extending its record run to a 12th straight session, as investors digested a batch of economic reports. Endi