Stocks stall on tepid US growth
NEW YORK -- 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.
The economy 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 a year for the rest of the year.
The S&P 500 index dropped 2.92 points, or 0.2 percent, to close at 1,582.24. The Dow rose 11.75 points, or 0.1 percent, at 14,712.55. The Nasdaq composite fell 10.72 points to 3,279.26, a decline of 0.3 percent. The index is still 2.3 percent higher this week.