US STOCKS-Wall St dips after GDP data, Citigroup shares tumble

jueves 27 de marzo de 2014 10:18 GYT

* Citigroup shares slump after Fed rejects capital plan

* GDP grew 2.6 pct in Q4; jobless claims unexpectedly drop

* BofA to pay $9.3 bln to settle mortgage bond claims

* Indexes down: Dow 0.3 pct, S&P 0.3 pct, Nasdaq 0.4 pct (Updates to open, adds Morning News Call link)

By Ryan Vlastelica

NEW YORK, March 27 (Reuters) - U.S. stocks fell on Thursday as a report showing modest economic growth in the fourth quarter was not viewed as positive enough to offset lingering geopolitical uncertainties, with the S&P 500 near record levels.

Markets were also pressured by a steep decline in Citigroup Inc shares, which suffered their biggest daily drop since November 2012 after the Federal Reserve rejected the bank's capital plan.

Gross domestic product expanded at a 2.6 percent annual rate in the fourth quarter, the Commerce Department said, up from the 2.4 percent pace it estimated last month but slightly under the 2.7 percent analyst forecast. Jobless claims unexpectedly fell in the latest week, dropping to near a four-month low, the latest indicator to support a theory that weak data earlier this year was related to bad weather rather than worsening fundamentals.

"We need surprisingly good news to jar the market out of its trading range, and today's data, while respectable, isn't that," said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia.   Continuación...