U.S. Stocks Open Flat After 4th-quarter GDP Revision

By Joseph Adinolfi Markets MarketWatch Pulse

U.S. stocks opened flat after fourth-quarter gross domestic product was revised higher, a sign that U.S. economic growth is accelerating more quickly than some economists had expected. The S&P 500 index shed one point to 2,360, while the Dow Jones Industrial Average lost 2.5 points at 20,657. The Nasdaq Composite Index was off by one point at 5,897, on track for its first daily loss in a week. Stocks have largely recovered from a selloff that followed the withdrawal Friday of a plan backed by President Donald Trump to repeal and replace Obamacare, but investors are still waiting to see if tax reform, his next legislative priority, will face similar difficulties. Shares of Lululemon Athletica Inc. [s lulu] slumped after several analysts cut their price targets for the retailer's stock. Cenovus Energy Inc. shares tumbled after ConocoPhillips [c: cop] said it would sell its majority stake in its Canadian oil-sands assets to the company. Apple Inc. shares probably also merit watching, after finishing at a record high on Wednesday for the second straight day.

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