Stocks Opened Lower After GDP Data

U.S. stocks opened lower on Wednesday after a disappointing reading on U.S. economic growth, and as investors looked ahead to the Federal Reserve’s statement on monetary policy. The Dow Jones Industrial Average lately dropped 28.13 points, or 0.16%, to 18,082.01. The S&P 500 was down 2.69 points, or 0.13%, to 2,112.07. The Nasdaq Composite fell 2.52 points, or 0.05%, to 5,052.90.

The U.S. economy slowed sharply at the start of the year. Gross domestic product, the broadest measure of goods and services produced across the economy, expanded at a 0.2% seasonally adjusted annual rate in the first quarter, the Commerce Department said Wednesday. The economy advanced at a 2.2% pace in the fourth quarter and 5% in the third.

Time Warner, the media company that owns HBO and TNT, said Wednesday its net income fell 25% from a year ago as costs rose but strong demand for advertising at its Turner networks helped drive revenue higher. Its first quarter net income totaled $970 million vs. $1.3 billion a year ago. Revenue rose 5% to $7.1 billion.

Lumber Liquidators Holdings Inc. said Wednesday that its sales and margins will likely remain depressed in April, as it swung to a first-quarter loss. Overall, for the quarter ended March 31, Lumber Liquidators reported a loss of $7.78 million, or 29 cents a share, compared with a prior-year profit of $13.7 million, or 49 cents a share, a year earlier.

Barclays (BARC.L) set aside another 800 million pounds ($1.2 billion) on Wednesday to cover potential settlements for alleged foreign exchange manipulation, hitting profits and reflecting its struggle to put past problems behind it.