Dow falls on weak P&G results; Nasdaq up

New York - The Dow was dragged lower by weak Procter & Gamble results on Thursday, but the Nasdaq gained as food giant Mondelez raised its forecast after better-than-expected earnings.

At the closing bell, the Dow Jones Industrial Average stood at 17 745.91, down 5.48 points (0.03%).

The broad-based S&P 500 was essentially flat, adding 0.34 (0.02%) at 2 108.91, while the tech-rich Nasdaq Composite Index rose 18.02 (0.35%) to 5,129.76.

Dow member Procter & Gamble sank 4.0% after reporting the sixth straight quarter of declining sales.

US gross domestic product expanded at an annual rate of 2.3% in the April-June period, the Commerce Department reported, slightly below the 2.5% consensus estimate.

However, Commerce revised up its estimate on the first quarter to growth of 0.6% from a 0.2% contraction.