Stocks fall on slower growth

U.S. stocks fell, sending the Standard & Poor's 500 Index lower for a second day, after a report showed the economy expanded less than forecast in the fourth quarter as consumers curbed spending.

The S&P 500 decreased 2.10 points, or 0.2 percent, to 1,316.33. The Dow Jones Industrial Average retreated 74.17 points, or 0.6 percent, to 12,660.46.

However, the technology-stock heavy Nasdaq rose 11.27 points, or 0.4 percent to 2,816.55.

Equities fell on data showing that gross domestic product, the value of all goods and services produced, climbed at a 2.8 percent annual rate following a 1.8 percent gain in the prior quarter. That growth rate was lower than the median 3.0 percent forecast of economists in a Bloomberg News survey.

In addition, U.S. ratings agency Fitch Ratings said it will downgrade the credit ratings of five countries that use the euro: Italy, Spain, Belgium, Slovenia and Cyprus. While expected, the move is another setback for eurozone leaders trying to contain a sovereign debt crisis that has fanned investors' fears that Greece or other nations may default on their debt.