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Stocks were mostly lower Friday after the government reported the U.S. economy grew at a slower pace than economists had expected in the fourth quarter.
The Dow Jones industrial average fell 57 points, or 0.4 per cent, to 12,678 shortly after 11 a.m. The S&P 500 index fell 2 points to 1,316. The Nasdaq composite edged up 6 to 2,811.
The Commerce Department said the economy grew at a modest 2.8 per cent in the final three months of last year. Economists had expected 3 per cent growth.
Among stocks making big moves, Chevron Corp. fell 3 per cent, the most of the 30 stocks in the Dow average, after the energy company's fourth-quarter revenue and earnings per share came in well below what analysts were expecting. Oil and natural gas production declined in the quarter.
Ford Motor Co. fell 2 per cent after reporting disappointing fourth quarter earnings due weak sales in Europe. The company said its results were also hurt by trouble at parts suppliers in Thailand due to flooding there.
Starbucks Corp. fell 2 per cent after reporting late Thursday that that full year results were likely to come in less than expectations. Procter & Gamble Co., which makes Tide, Crest and other consumer products, fell less than 1 per cent after cutting its earnings outlook.
Legg Mason fell 5 per cent after the investment management company's earnings fell in half as clients pulled money out of the firm. Legg Mason's earnings of 20 cents per share were well below the 25 cents per share that analysts were expecting, according to FactSet.
The Commerce Department said the economy grew at a modest 2.8 per cent in the final three months of last year. Economists had expected 3 per cent growth.
Among stocks making big moves, Chevron Corp. fell 3 per cent, the most of the 30 stocks in the Dow average, after the energy company's fourth-quarter revenue and earnings per share came in well below what analysts were expecting. Oil and natural gas production declined in the quarter.
Ford Motor Co. fell 2 per cent after reporting disappointing fourth quarter earnings due weak sales in Europe. The company said its results were also hurt by trouble at parts suppliers in Thailand due to flooding there.
Starbucks Corp. fell 2 per cent after reporting late Thursday that that full year results were likely to come in less than expectations. Procter & Gamble Co., which makes Tide, Crest and other consumer products, fell less than 1 per cent after cutting its earnings outlook.
Legg Mason fell 5 per cent after the investment management company's earnings fell in half as clients pulled money out of the firm. Legg Mason's earnings of 20 cents per share were well below the 25 cents per share that analysts were expecting, according to FactSet.
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