Wall Street pares gains on geographic concerns

11:21, March 27, 2010      

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The U.S. stocks gave up early gains on Friday after reports said a ship of the Republic of Korea (ROK) was sinking in the Yellow Sea, spurring geographical concerns in the market.

According to Korean media reports, an ROK Navy patrol boat sank on Friday near the western maritime border with the Democratic People's Republic of Korea following an explosion.

Investors were rattled at the news and major indexes fell back from morning highs.

The Commerce Department reported on Friday that U.S. economy grew at a 5.6-percent pace in the October-to-December quarter in its third and final estimate. The growth was below the expectations of 5.9 percent.

The Dow Jones industrial average added 9.15, or 0.08 percent, to 10,850.36. The Standard & Poor's 500 index was up 0.86, or 0.07 percent, to 1,166.59 and the Nasdaq slipped 2.28, or 0.10 percent, to 2,395.13.

Source: Xinhua
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