Trader Christopher Lotito works on the floor of the New York Stock Exchange, Friday, Oct. 26, 2012, in New York. (AP Photo/John Minchillo)
Trader Christopher Lotito works on the floor of the New York Stock Exchange, Friday, Oct. 26, 2012, in New York. (AP Photo/John Minchillo)
Trader Michael Urkonis works on the floor of the New York Stock Exchange, Friday, Oct. 26, 2012, in New York. (AP Photo/John Minchillo)
Trader Eric Schumacher works on the floor of the New York Stock Exchange, Friday, Oct. 26, 2012, in New York. (AP Photo/John Minchillo)
Stocks fell on Friday after investors looked over weak corporate earnings and weak economic growth.
The Dow Jones industrial average fell 24 points to 13,079 as of 1 p.m. The Standard & Poor's 500 index fell six points to 1,407 and the Nasdaq composite fell 16 points to 2,969.
The market started higher after the Commerce Department estimated that the U.S. economy expanded at a 2 percent annual rate from July through September. That was better than the previous quarter, and better than analysts expected, but not strong enough to bring down the unemployment rate.
Even economic data that is mixed or positive won't outweigh weak earnings, said Lawrence Creatura, a portfolio manager with Federated Investors. Reports like the one on Friday that measure gross domestic product tend to be backwards-looking, while companies are offering forecasts about the months ahead, he said.
"Company earnings trump macro data. Because investors own Apple, they don't own GDP," Creatura said.
Apple was down $16.49 to $593.05 after saying its profit will decline this holiday season.
Friday's decline was small, but it's one slice in the death-by-a-thousand-cuts that the market's fall rally has suffered. The Dow has risen just two days out of the last seven. It and the S&P are both back to levels they had left behind in late August.
Goodyear Tire & Rubber sank 10 percent after a steep dropoff in sales in Europe delivered a blow to its earnings. Shares fell $1.23 to $11.07
The advertising conglomerate Interpublic also turned in results that fell short of analysts' forecasts, and its stock fell 3.9 percent ? down 41 cents to $10.14.
Of the 10 industry groups in the S&P 500, the only ones with gains were telecom, materials, and energy.
Among other companies making big moves, cable TV provider Comcast jumped 82 cents to $37.18 after reporting that its income more than doubled in the latest quarter. Revenue was higher than analysts were expecting, and more customers signed up for premium services like high-definition video recorders.
Varian Medical Systems jumped $8.96, or 15 percent, to $67.06, the biggest increase in the S&P 500 index. The company, which sells medical imaging equipment and radiation-emitting devices for treating tumors, reported a 20 percent rise in income because of higher sales of devices.
On its first day of trading, Dairy company WhiteWave Foods was right at its initial public offering price of $17, after rising as high as $19.17.
The yield on the 10-year Treasury note fell to 1.75 percent from 1.82 percent on Thursday.
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