Stocks fall on mixed economic data, weak earnings
NEW YORK — Stocks began May with moderate losses following mixed data on manufacturing and factory orders and weaker-than-expected earnings reports.
Wall Street, coming off its best month in nine years, has been growing more optimistic the economy is stabilizing. But the economic and earnings reports Friday offered a reminder that business conditions are still difficult.
A private group’s measure of the manufacturing industry showed a slower contraction in April than in March. But the government said orders to U.S. factories in March fell by more than expected.
MasterCard Inc.’s first-quarter revenue fell short of expectations and the company warned that its top line will continue to come under pressure.
In midmorning trading, the Dow Jones industrial average fell 47.71, or 0.6 percent, to 8,120.41.
Broader stock indicators also fell. The Standard & Poor’s 500 index fell 4.15, or 0.5 percent, to 868.66, and the Nasdaq composite index fell 9.81, or 0.6 percent, 1,707.49.
Investors looked to the economic and earnings reports for clues about the economy.
MasterCard fell $11.12, or 6.1 percent, to $172.33 after its comments about revenue touched off concerns that the economy could take longer to stabilize than some investors are expecting.
Two insurers — The Hartford Financial Services Group Inc. and MetLife Inc. — posted losses for the first quarter. The Hartford fell 33 cents, or 2.9 percent, to $11.14, while MetLife fell $1.50, or 5 percent, to $28.25.
There were bright spots. Computer security software maker McAfee Inc. said its first-quarter profit jumped 77 percent. The stock rose $3.32, or 8.8 percent, to $40.86.
Better-than-expected earnings have been a big market driver in recent weeks. The S&P 500 index, a broad measure of the market, rose 9.4 percent in April, the biggest monthly jump since March 2000.
News on Thursday that Chrysler LLC will go through bankruptcy reorganization put just a small dent in Wall Street’s recovery, which began in early March. The Dow, still up 24.8 percent from its 12-year low on March 9, dipped 0.2 percent on the last day of April.
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