US shares dip as growth slumps in Q1

Wall Street stocks on Wednesday moved somewhat lower in early trade after a report showed US economic growth slumped significantly in the first quarter. About 35 minutes into trade, the Dow Jones Industrial Average dipped 10.92 (0.07 percent) to 16,524.45. The broad-based S&P 500 shed 5.00 (0.27%) to 1,873.33, while the tech-rich Nasdaq Composite Index lost 30.20 (0.74%) to 4,073.35. The Commerce Department reported that gross domestic product rose just 0.1% in the first quarter, well below the 1.0% rise projected by analysts. Key elements to the low GDP figure were a downturn in exports and business investment and a slowdown in consumer spending, according to AFP.