Stocks erase gains, turn lower
Wall Street retreats in choppy early trade. Brutal GDP report, earnings news in focus.
NEW YORK†(CNNMoney.com) -- Stocks gave up early gains Friday, turning negative as investors considered a report showing the economy's biggest quarterly decline in 26 years and a slew of weak earnings reports.
The Dow Jones industrial average (INDU) lost 40 points, or 0.4%, around 40 minutes into the session. The Standard & Poor's 500 (SPX) index lost 4 points, or 0.5%. The Nasdaq composite (COMP) lost 4 points, or 0.3%.
The government reported a 3.8% annual decline in fourth-quarter gross domestic product growth. It was a 26-year low for the broadest measure of the economy. But economists had been expecting an even worse decline of 5.5%.
The Dow ended nearly 3% lower Thursday. The S&P 500 and Nasdaq also both shed about 3%. Prior to that, the Dow had gained for three straight sessions and the S&P 500 and the Nasdaq had both gained for 4 straight sessions.
But Exxon Mobil reported annual net income of $45.2 billion, an American record.
World markets: Worries about the global economy pressured markets in Asia, with Japan's Nikkei ending 3% lower. European stocks rose in afternoon trading.