Markets

US stocks down on mixed economic news

NEW YORK : US stocks fell slightly as trading opened on Friday, as investors digested data offering a mixed assessment o

Published June 24, 2011 Updated June 24, 2011 01:56pm

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By Abdul Ahad

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The Dow Jones Industrial Average drifted down 14.99 points (0.12 percent) to 12,035.01 in the first five minutes of trading.

The broader S&P 500 dropped 1.46 points (0.11 percent) to 1,282.04, while the tech-heavy Nasdaq Composite fell 6.63 points (0.25 percent) to 2,680.12.

Orders for manufactured durable goods rose 1.9 percent in May, rebounding from a sharp decline in April, the Commerce Department said.

At the same time, the government revised its final figure for first-quarter economic growth to 1.9 percent, up from its earlier estimate of 1.8 percent.

Although the revision marked a slight increase, the growth rate confirmed a sharp deceleration of the world's largest economy from a 3.1 percent pace in the fourth quarter of 2010.

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