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US stocks dip as 3Q growth ebbs

New York - Wall Street stocks opened lower on Thursday after the Commerce Department reported that third-quarter US economic growth slowed to an annual rate of 1.5%.

Five minutes into trade, the Dow Jones Industrial Average stood at 17 728.64, down 50.88 points.

The broad-based S&P 500 fell 0.27% to 2 084.81, while the tech-rich Nasdaq Composite Index dropped 0.48% to 5 071.09.

The US growth figure, down from a 3.9% pace in the second quarter, was dragged down by lower private inventory investment. Consumer spending rose 3.2%.

Analysts said profit taking may have also be a factor in the market pullback, with some investors cashing out on a nine percent gain in US stocks in October.

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