Stocks slip after weaker growth, end best month since 2011
The stock market is closing lower following news that U.S. economic growth slowed more sharply than previously estimated in the final three months of the year.
The Dow Jones industrial average slipped 82 points, or 0.5 percent, to 18,132 Friday.
The Standard & Poor’s 500 fell six points, or 0.3 percent, to 2,104. The Nasdaq lost 24 points, or 0.5 percent, to 4,963.
The S&P 500 ended February with a gain of 5.5 percent, its best month since October 2011.
The Commerce Department said the economy grew at an annual rate of 2.2 percent in the fourth quarter, less than last month’s estimate.
J.C. Penney slumped 7 percent after the department store chain reported a loss.
Bond prices rose. The yield on the 10-year Treasury note fell to 2 percent.