* Amazon, Alphabet hit record highs after results
* Nasdaq up for 6th month, longest streak in almost four
* Dow down 0.19 pct, S&P 500 down 0.19 pct, Nasdaq down 0.02
(Updates to U.S. market close)
By Rodrigo Campos
NEW YORK, April 28 Stocks edged lower on Wall
Street on Friday after data showing the U.S. economy grew at its
weakest pace in three years in the first quarter gave traders a
reason to cash recent gains.
Major indexes closed up for April, however, with the Nasdaq
up for six consecutive months, the longest streak in nearly four
Gross domestic product grew at a 0.7 percent annual rate,
below the 1.2 percent rise estimated by economists, as consumer
spending barely increased and businesses invested less in
inventories. The economy grew at a 2.1 percent pace in the
"GDP was a little bit light and that may be the cause of
some weakness today," said Gary Bradshaw, portfolio manager at
Hodges Capital Management in Dallas.
Citi Research's gauge on U.S. economic data surprises
turned negative for the first time since November.
The soft growth data is bad news for the Trump
administration after campaign promises to significantly boost
growth and adds to concerns among some in the market that lower
taxes, deregulation and increased government spending - the main
reasons for a post-election rally - will be, at the least,
"We saw the rally fade quite a bit into the last part of the
first quarter," said Bradshaw. "I think you're going to have to
see some (legislation) within the next couple of months,
otherwise the market will become disenchanted. So far it's been
all talk, no show."
The Dow Jones Industrial Average fell 40.82 points,
or 0.19 percent, to close at 20,940.51, the S&P 500 lost
4.57 points, or 0.19 percent, to 2,384.2 and the Nasdaq
Composite dropped 1.33 points, or 0.02 percent, to
For the week, the Dow rose 1.9 percent, the S&P gained 1.5
percent and the Nasdaq rose 2.3 percent. During April, the Dow
gained 1.3 percent, the S&P rose 0.9 percent and the Nasdaq
jumped 2.3 percent.
The Nasdaq was buoyed Friday by gains in Amazon and Google's
Amazon rose as much as 3.4 percent to a life high
of $949.59, and ended up 0.7 percent at $924.99, while Alphabet
gained as much as 5 percent to a record of $935.90 and
closed up 3.7 percent at $924.52 after their quarterly results
Combined earnings reports and expectations for S&P 500
companies show profits are estimated to have risen 13.6 percent
in the first quarter, the most since 2011, according to Thomson
While strong earnings have kept the market at or near record
levels, persistent geopolitical tensions have weighed on
Intel fell 3.4 percent to $36.15 after the company
reported lower-than-expected quarterly revenue.
Baidu ended down 4.1 percent at $180.23 after the
Chinese internet company forecast second-quarter revenue largely
Declining issues outnumbered advancing ones on the NYSE by a
1.59-to-1 ratio; on Nasdaq, a 1.76-to-1 ratio favored decliners.
The S&P 500 posted 39 new 52-week highs and six new lows;
the Nasdaq Composite recorded 103 new highs and 44 new lows.
About 6.94 billion shares changed hands in U.S. exchanges on
Friday, above the 6.55 billion daily average over the last 20
(Reporting by Rodrigo Campos; Additional reporting by Tanya
Agrawal in Bengaluru; Editing by James Dalgleish)