U.S. stocks open lower after Wednesday’s sharp rally

U.S. stock indexes opened lower Thursday, following a sharp rally in the previous session, as investors digested a fresh round of economic data. The Dow Jones Industrial Average dropped 300 points, or 0.9% to 33,069. The S&P 500 declined 1.2%, while the Nasdaq Composite shed 1.5%. The U.S. economy expanded at a 3.2% annual rate in the third quarter, a more robust pace of growth than previously reported thanks to strong consumer spending. The increase in gross domestic product, the official scorecard for the economy, initially was reported at 2.6% and updated to 2.9% last month.

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