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Stocks drop on weak economyWeak GDP growth number deflates stocks after Dow hit record above 13,000.NEW YORK (CNNMoney.com) -- Stocks fell at the open Friday after the government said the economy grew at the weakest pace in four years The Dow sank about 25 points in the first few minutes of trading. The Nasdaq composite and the S&P 500 were little changed. The Commerce Department said gross domestic product grew at an annual rate of 1.3 percent in the quarter, the weakest since the first quarter of 2003. GDP is the broadest measure of the nation's economy. In corporate news, the nation's No. 2 oil producer Chevron (Charts, Fortune 500) Corp. reported higher earnings of thanks to a one-time gain from the sale of a refinery. Elsewhere, oil prices dropped by 26 cents to $64.83 a barrel in electronic trading. |
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* : Time reflects local markets trading time. † - Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. Disclaimer
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