NEW YORK, Jul. 30, 2010 (Xinhua News Agency) -- U.S. stocks fell in early trading on Friday after second-quarter GDP data came in lower than expected, the latest evidence that the economic rebound was slowing down.
The Commerce Department said in its first estimate that real gross domestic product, the broadest measure of the economy, increased at an annual rate of 2.4 percent in the second quarter of 2010, lower than the 2.5 percent growth pace economists had expected.
The figure was especially discouraging after the GDP growth was revised sharply higher from 2.7 percent to 3.7 percent in the January-to-March period, adding to concerns over the recovery' s strength.
The Dow Jones industrial average fell 58.81 points, or 0.56 percent, to 10,408.35. The Standard & Poor's 500 index dropped 7.35 points, or 0.67 percent, to 1,094.18 and the Nasdaq tumbled 22.97 points, or 1.02 percent, to 2,228.72.
