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Stocks slip after acceleration in US growth prompts fear of a Fed pullback; Twitter soars

  • Wall-Street-Twitter-IPO-1

    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

  • Wall-Street-Twitter-IPO-3

    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

  • Wall-Street-Twitter-IPO-4

    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

NEW YORK — Stocks are pulling back from record levels as investors bet that faster growth in the United States would increase the likelihood that the Federal Reserve will curtail its economic stimulus program.

The U.S. economy expanded at an annual rate of 2.8 percent in the third quarter, up from 2.5 percent the previous quarter. That made investors think the Fed could start cutting back its stimulus next month, sooner than many expected.

Twitter soared in its stock market debut.

The Dow Jones industrial average was down 33 points, or 0.2 percent, at 15,712 as of noon Eastern time Thursday. It was up 50 points earlier.

The Standard & Poor’s 500 stock index gave up eight points, or 0.5 percent, to 1,761. The Nasdaq composite fell 44 points, or 1.1 percent, to 3,886.

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