Stocks dip after GDP report; mixed earnings

NEW YORK (AP) — Stocks fell in early trading today after a report showed that the U.S. economy isn't growing as quickly as economists expected.

The Commerce Department said today that gross domestic product grew at an annual rate of 3.2 percent between October and December. That's up from 2.6 percent in the previous quarter, but below the 3.5 percent analysts had forecast.

Disappointing corporate news was also sending stocks lower. Ford Motor Co. lost 10 percent after its earnings fell short of Wall Street's projections. Amazon.com Inc. fell 7.5 percent after reporting that higher costs cut down its profit margins.

The Dow Jones industrial average fell 13 points, or 0.1 percent, to 11,977 in morning trading. The Standard & Poor's 500 index fell 3, or 0.2 percent, to 1,297.

The Nasdaq composite index fell 27, or 1 percent, to 2,728. The index was not updated nearly an hour after the market opened due to technical problems.