Stocks slipped on Thursday as stronger-than-expected economic data were offset by fruitless talks between President Donald Trump and North Korean leader Kim Jong Un.
The Dow Jones Industrial Average fell 69.16 points to close at 25,916 as UnitedHealth shaved more than 50 points off the blue-chip index. The S&P 500 dropped nearly 0.3 percent to finish the session at 2,784.49, while the Nasdaq Composite also lost about 0.3 percent to close at 7,532.53. Facebook, Apple and Netflix all fell more than 0.5 percent.
The U.S. economy grew at an annualized rate of 2.6 percent in the fourth quarter 2018, according to the government. Economists polled by Dow Jones expected the economy to grow at a pace of 2.2 percent.
"This report showed the economy is slowing, but not enough to increase investor angst," said Chris Gaffney, president of world markets at TIAA Bank. GDP data would "have given a bigger boost to equities and other risk assets if not for the negative news coming out of Vietnam," said Gaffney, referring to the Trump-Kim summit ending abruptly. "This, along with the reemergence of hostilities between India and Pakistan, has increased the geopolitical risks."