Stocks slide a day after record high as US growth prompts fear of Fed pullback; Twitter soars

ASSOCIATED PRESS

Published on Nov. 7, 2013

Specialist Glenn Carell, who will handle the Twitter IPO, works at his post on the floor of the New York Stock Exchange, Thursday, Nov. 7, 2013. Twitter set a price of $26 per share for its initial public offering on Wednesday evening and will begin trading Thursday under the ticker symbol "TWTR" in the most highly anticipated IPO since Facebook's 2012 debut. (AP Photo/Richard Drew)

ASSOCIATED PRESS

A technician checks the bell podium of the New York Stock Exchange, Thursday, Nov. 7, 2013. Twitter set a price of $26 per share for its initial public offering on Wednesday evening and will begin trading Thursday under the ticker symbol "TWTR" in the most highly anticipated IPO since its Silicon Valley rival's Facebook 2012 debut. (AP Photo/Richard Drew)

ASSOCIATED PRESS

Twitter CEO Dick Costolo, left, co-founder Biz Stone, center, and Amir Movafaghi, right, Twitter's Director of Treasury and Strategic Finance, applaud as shares begin trading in their IPO, on the floor of the New York Stock Exchange, Thursday, Nov. 7, 2013. If Twitter's bankers and executives were hoping for a surge on the day of the stock's public debut, they got it. The stock opened at $45.10 a share on its first day of trading, 73 percent above its initial offering price. (AP Photo/Richard Drew)

ASSOCIATED PRESS

NEW YORK — The stock market is pulling back from the record high it reached a day earlier as traders worry that the Federal Reserve could start pulling back on its economic stimulus next month.

Twitter was one of the few standouts, gaining 73 percent on its first day of trading.

The Dow Jones industrial average dropped 152 points, or 1 percent, to 15,593 today.

Other indexes fell even more. The Standard & Poor’s 500 lost 23 points, or 1.3 percent, to 1,747, its biggest decline since August. The Nasdaq composite fell 74 points, 1.9 percent, to 3,857.

Investors bet that surprisingly rapid growth in the U.S. economy in the third quarter could prompt the Fed to reduce its huge bond purchasing program as early as next month, sooner than many had anticipated.

Fetching stories…