Dow, S&P 500 skid lower for third straight day after GDP, but stocks book solid February gains

U.S. stocks on Thursday finished near their lows, and notched a third straight decline for the Dow and S&P 500 after data showed U.S. economic growth came in a better-than-expected rate in the fourth quarter, but indicated a trend of softening since a mid-2018 peak at 4.2%. The Dow Jones Industrial Average fell 0.3% to finish at 25,916, the S&P 500 index ended down 0.3% at 2,784, while the technology-laden Nasdaq Composite Index closed 0.3% lower at 7,533, on a preliminary basis. For the month, all three benchmarks closed with monthly gains of at least 3%, representing their second straight monthly gains. The Commerce Department's estimate of fourth-quarter GDP growth showed the U.S. economy growing at a rate of 2.6%, well above consensus expectations of 1.9%, per a MarketWatch poll of economists. GDP grew at 2.9% during 2018, according to the preliminary estimates by the Commerce Department--the best growth rate in three years. In corporate news, J.C. Penney Co. shares soared after the retailer topped Wall Street earnings and revenue estimates for the fourth quarter.

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