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

11/7/2013
ASSOCIATED PRESS
  • 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

    • 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.