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U.S. stocks retreat after downbeat GDP report

Xinhua, March 1, 2017 Adjust font size:

U.S. stocks declined Tuesday, with the Dow Jones Industrial Average snapping a twelve-day winning streak, as investors meditated on the latest revision to the country's fourth-quarter economic growth.

The Dow Jones Industrial Average fell 25.20 points, or 0.12 percent, to 20,812.24. The S&P 500 lost 6.11 points, or 0.26 percent, to 2,363.64. The Nasdaq Composite Index was down 36.46 points, or 0.62 percent, to 5,825.44.

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.

Meanwhile, the Conference Board Consumer Confidence Index came in at 114.8 in February, up from 111.6 in January.

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.

Overseas, European equities increased broadly Tuesday. German benchmark DAX index at Frankfurt Stock Exchange inched up 0.10 percent, while British benchmark FTSE 100 Index climbed 0.14 percent.

In Asia, Tokyo stocks also ended higher after choppy trade Tuesday, with the 225-issue Nikkei Stock Average moving up 0.06 percent to 19,118.99 points. Endit