National News

Jan 30, 2013 9:40 AM by Associated Press

Stocks open mixed on GDP numbers

NEW YORK (AP) - Stocks are falling after the government revealed that economic growth shrank in the final quarter of 2012, the first time that's happened in more than three years.

Dow Jones industrial average is down 13 points to 13,941.30. The broader S&P futures have given up 0.60 points to 1,507.20. Nasdaq futures are up 4.4 points to 3,158.

Part of the reason for slowing growth was the biggest cutback in U.S. defense spending in four decades.

The Commerce Department says the economy contracted at an annual rate of 0.1 percent.

It immediately raises questions about the strength of the economic recovery going forward, given the tax increases that went into effect this month.

Attention now turns to the Federal Reserve, which wraps up a two-day policy meeting Wednesday.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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