Wall Street steady after weak growth data

Image source, Reuters

Wall Street had a steady start to the day, despite the latest growth data indicating the US economy grew at its slowest pace for three years in the first quarter of 2017.

GDP grew at an annual pace of 0.7%, down from a rate of 2.1% in the final three months of last year.

The Dow Jones fell 23.47 points to 20,957.86, while the S&P 500 was down just 0.57 points to 2,388.20.

Strong results from tech companies pushed the Nasdaq to another record.

The tech-focused index closed at a record high on Thursday, and as trading began on Friday it added another 17.27 points to 6,066.20.

Shares in Google owner Alphabet helped to lift the Nasdaq, rising 4.3% after it reported a 29% increase in first quarter profits to $5.43bn.

Qualcomm shares fell 3.2% after an escalation in the dispute between itself and Apple. The chipmaker said Apple was withholding royalty payments until a legal spat between the two is settled.

Shares in Starbucks fell 3% after the coffee chain's quarterly revenues fell short of expectations and it cut its full-year profit forecast.