Stocks mostly lower on tepid U.S. economic growth
Traders work on the floor of the New York Stock Exchange during early trading Thursday. (April 25, 2013) Credit: Getty Images
The stock market stalled Friday after the U.S. economy didn't grow as much as hoped and earnings from a handful of big companies failed to rev up investors.
Gross domestic product grew at a 2.5 percent annual rate in the first three months of the year, the government said. That was below the 3.1 percent forecast by economists.
The shortfall reinforced the perception that the economy is grinding, rather than charging, ahead. Investors have also been troubled by reports in the last month of weaker hiring, slower manufacturing and a drop in factory orders. Many economists see growth slowing to an annual rate of around 2 percent for the rest of the year.
Corporate earnings this week also contained worrisome signs. Many companies missed revenue forecasts from financial analysts, even as they reported higher quarterly profits.
The Standard & Poor's 500 index dropped 0.18 percent to close at 1,582.24. Three stocks fell for every two that rose on the New York Stock Exchange.
The Dow rose 11.75 points to 14,712.55. The index got a big lift from Chevron, whose shares rose after its first quarter profit beat expectations.
The Nasdaq composite fell 0.33 percent to 3,279.26. -- AP
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