NEW YORK, N.Y. – The stock market is heading lower in midday trading as investors sift through mixed economic and corporate news.
The Dow Jones industrial average is down 172 points, or 1 per cent, to 17,245 as of 11:45 a.m. Friday. The Standard & Poor’s 500 fell 20 points, or 1 per cent, to 2,001, while the Nasdaq slipped 23 points, or 0.5 per cent, to 4,661.
The S&P 500 benchmark is on track to end the month with a nearly 3 per cent loss.
Before the market opened, the government said the economy grew at a slower pace than Wall Street expected in the last quarter of 2014. Weaker government and business spending held the economy back.
The news sent prices for U.S. government bonds up, pushing the 10-year Treasury note’s yield to 1.66 per cent.