US Stocks Fall On Slowdown Concerns

Wall Street stocks retreated on Thursday following data that showed US economic growth slowed in the fourth quarter even as it topped expectations.

The Dow Jones Industrial Average dipped 0.3 percent to 25,916.00.

The broad-based S&P 500 also shed 0.3 percent to 2,784.49, along with the tech-rich Nasdaq Composite Index, which finished at 7,532.53.

US growth tapered down to an annual rate of 2.6 percent in the fourth quarter, a sharp drop from 3.4 percent in the third quarter, but above the 2.3 percent expected by analysts.

"The data we had today is slightly better than people would have thought," said Maris Ogg of Tower Bridge Advisors.

"The market reaction shows us that the worst fears are not going to be realized."

Analysts have been readying for a pullback or pause in US stocks after Wall Street surged nearly 20 percent since late December.

Among individual companies, Celgene dropped 8.7 percent on doubts about its proposed takeover by Bristol-Myers Squibb after Wellington Management, which holds about eight percent of Bristol-Myers, came out against the transaction.

Activist fund Starboard Value, another Bristol-Myers shareholder, also opposed the deal.

Bristol-Myers advanced 1.4 percent.

Companies with big moves after earnings announcements included Booking Holdings, which slumped 11 percent, HP Inc, which dived 17.3 percent and Monster Beverage, which surged 8.7 percent.

Tesla Motors advanced 1.6 percent after Chief Executive Elon Musk said the company would have an announcement later Thursday. (AFP)