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Stocks Open Lower After GDP Report Disappoints

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NEW YORK (AP) — Stocks are opening mostly lower on Wall Street after the government reported that the U.S. economy grew at a slower pace than economists had expected in the fourth quarter.

The Dow Jones industrial average fell 44 points to 12,691 shortly after the opening bell Friday.

The S&P 500 index fell 3 points to 1,315. The Nasdaq composite edged up less than a point to 2,805.

The Commerce Department said the economy grew at a modest 2.8 percent in the final three months of last year. Economists had expected 3 percent growth.

Consumer products maker Procter & Gamble Co. fell after cutting its earnings outlook. Ford dropped 5 percent after its results fell short of Wall Street’s expectations.

By Salon Staff

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