BUSINESS

US stock market opens lower after government reports slower economic growth late last year

01/30/2015 09:42 EST | Updated 04/01/2015 05:59 EDT
NEW YORK, N.Y. - The U.S. stock market is opening lower after the government reported that U.S. economic growth slowed at the end of last year.

The Dow Jones industrial average fell 81 points, or 0.5 per cent, to 17,335 as of 9:32 a.m. Eastern time Friday. The Standard & Poor's 500 index slipped nine points, or 0.5 per cent, to 2,011. The Nasdaq slipped four points, or 0.01 per cent, to 4,679.

Before the U.S. market opened, the Commerce Department said that the U.S. economy expanded at a 2.6 per cent rate in the October-December period, down from gains of 4.6 per cent in the second quarter and 5 per cent in the third quarter.

The price of the 10-year Treasury note rose, dropping its yield to 1.67 per cent, the lowest since May 2013.