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Business

Stocks solidly lower after disappointing economic data

The American flag and Wall Street sign outside

The American flag and Wall Street sign outside the New York Stock Exchange in Manhattan on July 15, 2013. Photo Credit: AP / Mark Lennihan

U.S. stocks are lower in midday trading following a report that the economy shrank in the first three months of the year.

The data, published early Friday, showed that gross domestic product contracted 0.7 percent in the first quarter. That was worse than the government's initial estimate of growth of 0.2 percent.

The Dow Jones industrial average lost 99 points, or 0.6 percent, to 18,026 as of 11:50 a.m. on Wall Street.

The Standard & Poor's 500 lost nine points, or 0.5 percent, to 2,111 and the Nasdaq composite fell 20 points, or 0.4 percent, to 5,077.

GameStop jumped 7 percent after reporting higher earnings.

U.S. government bond prices rose following the weak economic report. The yield on the 10-year Treasury note fell to 2.11 percent.

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