Stocks Fluctuate after Weak GDP Report

U.S. stocks fluctuated  in the early trading on Wednesday, after dipping at the open, on weak reports on durable-goods orders and the economy’s first-quarter performance. The Dow Jones Industrial Average lately gained 33.12 points, or 0.20%, to 16,851.25. The S&P 500 was up 3.39 points, or 0.17%, to 1,953.37. The Nasdaq Composite added 7.28 points, or 0.17%, to 4,357.63.

The U.S. economy turned in its worst quarter in five years during the first three months of 2014, shrinking more sharply than previously estimated. The nation’s gross domestic product in the first quarter fell at a 2.9% annual rate vs. the 1% contraction previously believed, the Commerce Department said Wednesday.

Orders for long-lasting goods critical to U.S. economic growth declined in May. But most sectors outside defense and airlines showed improvement. Orders for U.S.-made durable goods fell a seasonally adjusted 1.0% last month after a revised 0.8% gain in April, the government reported Wednesday.

Barnes & Noble, Inc. (NYSE: BKS) reported sales and earnings for its fiscal 2014 fourth quarter and full-year ended May 3, 2014, and that its Board of Directors authorized management to separate the Barnes & Noble Retail and NOOK Media businesses. The company posted a loss of $36.7 million, or 72 cents a share, compared with a loss of $114.8 million, or $2.04 a share, a year earlier. Revenue rose 3.5% to $1.32 billion.

The drug maker Shire has several attention deficit hyperactivity disorder medications including Adderall. AbbVie on Wednesday made its case for a deal with Shire, the London-listed drug maker that has already rejected its $46 billion takeover offer.

Monsanto Company (NYSE:MON) announced that it intends to begin a public offering of senior notes in the near term, subject to market and business conditions and other prevailing factors.