Stocks drop on weak reports, Fed fears
Disappointing reports about the U.S. economy helped push the stock market lower Friday. Concerns that the Federal Reserve could announce plans to cut back its stimulus program next week also weighed on the mood.
Americans' confidence in the economy weakened in June and was lower than economists had estimated, according to the Thomson Reuters/University of Michigan survey.
"There was just no good news today," said Cam Albright, a director at Wilmington Trust Investment Advisors in Wilmington, Del. Add the handful of economic reports out Friday to the anxiety over the Fed's stimulus program, "and you have the recipe for a soft market to finish the week," he said.
Fed policymakers will start a two-day meeting Tuesday.
The Dow Jones industrial average dropped 105.90 points to 15,070.18. The Nasdaq composite index lost 0.63 percent, to 3,423.56.
The Standard & Poor's 500 index sank 0.59 percent, to 1,626.73. The S&P 500 hit a record high of 1,669 on May 21. The next day, Fed officials said they would consider pulling back on the stimulus program once the economy looks healthy enough. The S&P 500 has lost 2 percent since. -- AP