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U.S. stocks open lower after upbeat data; Dow Jones down 0.28%

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Investing.com - U.S. stocks opened lower on Thursday, after the release of upbeat U.S. growth and jobless reports added to speculation the Federal Reserve could soon begin tapering its asset-purchase program.

During early U.S. trade, the Dow Jones Industrial Average shed 0.28%, the S&P 500 index slid 0.31%, while the Nasdaq Composite index fell 0.16%.

The U.S. Commerce Department said gross domestic product increased at a seasonally adjusted annual rate of 3.6% in the three months to September, above expectations for growth of 3.0% and up from a preliminary estimate of 2.8%.

Separately, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits last week fell by 23,000 to a seasonally adjusted 298,000, from 321,000 in the previous week whose figure was revised up from 316,000.

Analysts had expected initial jobless claims to rise to 325,000 last week.

In the tech sector, Apple shares rallied 1.69% following reports the tech giant signed a deal with China Mobile to distribute iPhones on its network.

Hewlett-Packard slipped 0.11% however, after the computer maker on Wednesday said it would cut 27,000 workers around the globe by the end of next year.

Adding to losses, Ford slid 0.36% after the automobile company announced the global launch of its iconic Mustang, after 50 years of production. The revamped car will be launched simultaneously in six cities in four continents, including Europe.

Also in the auto sector, Hayman Capital Management was said to have taken a stake in General Motors. GM shares were down 0.83% after the news.

Elsewhere, Plug Power soared 32.28% after the fuel-cell maker said it anticipates turning a profit next year. The stock skyrocketed over 60% on Wednesday.

Across the Atlantic, European stock markets were lower. The EURO STOXX 50 declined 0.60%, France's CAC 40 retreated 0.48%, Germany's DAX fell 0.21%, while Britain's FTSE 100 slipped 0.16%.

During the Asian trading session, Hong Kong's Hang Seng Index edged down 0.07%, while Japan's Nikkei 225 Index tumbled 1.50%.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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