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U.S. stocks declined, erasing a weekly advance in the Standard & Poor’s 500 Index, after a report showed the world’s largest economy expanded less than forecast in the fourth quarter as consumers curbed spending.
Equities fell amid government data showing that gross domestic product, the value of all goods and services produced, climbed at a 2.8 percent annual rate following a 1.8 percent gain in the prior quarter. The median forecast of 79 economists surveyed by Bloomberg News called for a 3 percent increase. Growth excluding a jump in inventories was 0.8 percent.
Ford slumped 3.5 percent to $12.30. In the fourth quarter, the Dearborn, Michigan-based automaker was hamstrung by a weakening European market and flooding in Thailand that wiped out profits in its Asian operations, Chief Financial Officer Lewis Booth said today.
Chevron slid 2.9 percent to $103.54. Chief Executive Officer John Watson has been selling oil refineries and filling stations in Europe and Africa to focus on higher-profit crude production and gas-liquefaction projects.
Juniper Networks slid 3.3 percent to $21.64. The company forecast first-quarter sales and profit that missed estimates, a sign that Internet providers are limiting spending amid sluggish economic growth.
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