More Losses on Wall Street Following Downward Revision of First Quarter US GDP
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tarabird/iStock/Thinkstock(NEW YORK) — Revised data on the United States’ Gross Domestic Product led to another down day on Wall Street, with all three major indices closing lower than at Friday’s open.
The Dow Jones Industrial Average dropped 115.44 to 18010.68.
The Nasdaq gave up 27.95 to finish the day at 5070.03, while the S&P 500 closed at 2107.39, slipping 13.40.
On Friday, the Chairman of the Council of Economic Advisers said Friday that real GDP fell by 0.7 percent in the first quarter of 2015. That figure, revised downwards from a previous report, was blamed in part on harsh winter weather. Still, the report noted, consumers have saved much of their large gains from last year’s decline in gasoline and energy prices.
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