NEW YORK (CNN/Money) - U.S. stocks were mixed in early trade Friday as investors took in yet another accounting scandal, this time from troubled copier maker Xerox Corp., which said it will need to restate $2 billion in improperly recorded revenue.

Around 9:32 a.m. ET, the Nasdaq composite gained 2.31 to 1,461.51. The Dow Jones industrial average lost 22.30 to 9,247.08. The Standard & Poor's 500 index eased 1.43 to 989.54.

In the latest chapter of Wall St.'s crisis of confidence, Xerox Corp. (XRX: Research, Estimates) said Friday that an audit revealed it had improperly booked at least $2 billion in revenue over the past 5 years. The Securities and Exchange Commission had settled a previous case with Xerox in April over the improper bookkeeping on $3 billion between the years of 1997 and 2000.

The news comes just three days after the disclosure that telecom services company WorldCom (WCOME: Research, Estimates) had improperly recorded almost $4 billion in revenue, in what may be the largest accounting fraud in corporate history.

The corporate news overshadowed the morning's mixed economic news showing that while income has grown, the pace of spending has slowed a little.

Personal income rose 0.3 percent in May after rising 0.2 percent in April, in line with expectations. But personal spending fell 0.1 percent in May after rising 0.6 percent in April. Economists surveyed by Briefing.com had expected spending to be unchanged.

Shortly after trade begins, the University of Michigan will release its revised June reading on consumer confidence, which is expected to remain unchanged at 90.8

In addition, a key regional measure of manufacturing activity, the Chicago PMI, is expected to have dropped to 58 in June from 60.8 in May. However, any reading over 50 still indicates expansion in the sector.

Treasury prices were a little higher in early trade, pushing the yield on the 10-year note down to 4.81 percent.

European bourses were higher at midday, while Asian markets closed higher. The dollar was much weaker versus the euro and the yen. Brent crude oil futures fell 6 cents to $25.39 in London, where gold traded higher than $3.20 an ounce.