Stocks head lower, market on track for weekly loss
NEW YORK (AP) - The stock market is heading lower in early trading, putting it on track for its first weekly loss in a month.
An hour after the opening bell Friday, the Dow Jones industrial average was down 59 points at 15,235, a drop of 0.4 percent.
The Standard & Poor's 500 index was down 10 points at 1,640, a fall of 0.6 percent.
The market is headed for its first weekly loss in five weeks. Anxiety over the Federal Reserve's bond-buying program was the main culprit. Some investors are concerned that the Fed will scale back its effort to support the economy sooner than they expected.
The S&P 500, which is widely used by mutual funds as a proxy for the stock market, is down 1.7 percent for the week. It's still up 15 percent so far this year.
Sears plunged 17 percent in early trading. The department-store chain reported a steep quarterly loss and slumping sales after the market closed Thursday. Sears lost $9.72 to $48.64.
Procter & Gamble surged 4 percent. The household products giant said late Thursday that it's bringing back its former CEO, A.G. Lafley, to run the company. The world's largest consumer-products maker, whose brands include Tide and Crest, is trying to increase sales in the face of tough competition. P&G rose $3 to $81.70.
Stocks fell Friday despite an encouraging report on U.S. manufacturing. The government said orders for long-lasting manufactured goods rebounded in April, helped by demand for aircraft and stronger business investment. The report suggests economic growth may hold steady this spring.
The Nasdaq composite sank 20 points, or 0.6 percent, to 3,438.
In the market for U.S. government bonds, the yield on the 10-year Treasury note slipped to 1.99 percent from 2.02 percent late Thursday.
The price of crude oil fell 82 cents to $93.43 a barrel. Gold slipped $5 to $1,396 an ounce.
U.S. financial markets will be closed Monday for Memorial Day.
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