US stocks slipped on Wednesday after data showed that economic growth braked more sharply than expected in the first quarter, and ahead of the US Federal Reserve's likely decision to maintain historically low interest rates. US gross domestic product grew just 0.2 percent at an annual rate in the quarter as harsh weather put off shoppers and energy companies cut spending. The reading was the weakest in a year and lower than the 1.0 percent rate forecast by economists polled by Reuters.
Investors will closely examine the Fed's statement for clues on when rates are likely to be increased, as a batch of soft data could push back the timing of a hike until the end of the year. The statement is expected at 1400 pm EDT (1800 GMT). "I think the GDP data has to be taken with a grain of salt," said Chris Bertelsen, chief investment officer at Global Financial Private Capital in Sarasota, Florida, which oversees $4.5 billion in funds. At 11:39 am EDT (1539 GMT) the Dow Jones industrial average was down 76.64 points, or 0.42 percent, at 18,033.5, the S&P 500 was down 9.49 points, or 0.45 percent, at 2,105.27 and the Nasdaq Composite was down 27.47 points, or 0.54 percent, at 5,027.95.
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