Investing.com -- U.S. stocks fell broadly on the final trading session of the month, as U.S. GDP for the first quarter was revised downward on Friday as expected, providing a harbinger for tepid economic growth over the current period.
Stocks dropped considerably on Friday after GDP in the first quarter was lowered to minus 0.7% from an initial reading of 0.2%. The reading was in line with analysts' expectations of a downward revision of minus 0.8%. A surge in imports to 5.6% from an initial gain of 1.8%, linked to an abrupt unloading of imports at West Coast ports was thought to be responsible for the revision. A port work stoppage throughout the winter weighed on the U.S. economy in the first quarter.
The Dow Jones Industrial Average and the S&P 500 Composite fell more than 0.6% on the session, while the NASDAQ dropped more than 25 points to fall out of near-record territory. The Dow lost 115.44 or 0.64% to close the session at 18,010.68. The NASDAQ lost 27.95 or 0.55% to 5,070.03, while the S&P 500 fell 13.40 or 0.63% to 2,107.39, as all10 sectors closed in the red. Stocks in the Technology, Financials and Industrials sectors lagged, each dropping by more than 0.7%.
For the month, though, all three major indices closed higher after each reached an all-time closing high at one point in May.
The top performer on the Dow was Merck & Company Inc (NYSE:MRK), which gained 1.33 or 2.22% to 61.03. The worst performer was Visa Inc (NYSE:V), which fell 0.79 or 1.14% to 68.77.
The biggest gainer on the NASDAQ was Altera Corporation (NASDAQ:ALTR), which gained 2.03 or 4.32% to 49.00. The worst performer was Paccar Inc., which lost 1.54 or 2.36% to 63.63 after Forbes reported that the Bellevue, Washington-based manufacturer of heavy-duty trucks has become one of the five-highest shorted stocks on the NASDAQ 100.
On the S&P 500, Humana Inc (NYSE:HUM) surged more than 20% after Dow Jones reported that the Louisville, Kentucky-based health insurer could be actively seeking a merger. Humana, the top performer on the S&P 500, gained 35.74 or 20.03% to 214.15.
Bristol-Myers Squibb Company (NYSE:BMY), meanwhile, finished as the worst performer, plunging 4.35 or 6.29% to 64.80. The sell-off transpired ahead of this weekend's American Society of Clinical Oncology Conference (ASCO) in Chicago, where the pharmaceutical giant is expected to present data which it says demonstrates promising findings related to its broad Immuno-Oncology portfolio. The drugs are expected to help treat solid tumors and blood cancers, including Multiple Myeloma.