Wall Street lower, looks past improved GDP
Market watch top headlines
NEW YORK, Dec 20 AFP
December 21 2012, 01:56AM
Wall Street stocks are mostly lower in early trade, as traders shrugged off an upward revision in US economic growth and focused on concerns about the "fiscal cliff".
About 10 minutes into the session on Thursday, the Dow Jones Industrial Average was down 8.67 points, or 0.07 per cent, at 13,243.30.
The broad-market S&P 500 shed 0.38 points, or 0.03 per cent, at 1,435.43.
The tech-rich Nasdaq Composite lost 3.79 points, or 0.12 per cent, at 3,040.58.
Official data showed the US economy grew 3.1 per cent in the third quarter, faster than previously estimated, but analysts said underlying economic activity remained fragile.
The market action came as Washington continued to wrangle about the so-called fiscal cliff, a combination of tax hikes and spending cuts that, in the absence of a political compromise, could take the world's biggest economy into recession.
On Wednesday, the Dow finished down 0.74 per cent, the S&P 500 dropped 0.76 per cent, while the Nasdaq lost 0.33 per cent.