Trader Michael Mozian works on the floor of the New York Stock Exchange Monday, June 10, 2013. Asian stocks rebounded Friday June 14, 2013 from Tokyo’s sharp decline after investors were encouraged by positive U.S. economic news. (AP Photo/Richard Drew)
NEW YORK (AP) — Disappointing reports about the U.S. economy helped push the stock market lower on Friday.
Concerns that the Federal Reserve could announce plans to cut back its stimulus program next week also weighed on the mood.
Americans’ confidence in the economy weakened in June and was lower than economists had estimated, according to the Thomson Reuters/University of Michigan survey out Friday. Another report said factories weren’t as busy as expected.
The International Monetary Fund, a global lender, offered no help. The IMF said Friday that U.S. government spending cuts that kicked in March 1 were “ill-designed” and slowed the economy down.
The Standard & Poor’s 500 index sank 9.63 points, or 0.6 percent, to 1,626.73. Media company Gannett fell the most, dropping $1.61, or 6 percent, to $24.99.
“There was just no good news today,” said Cam Albright, a director at Wilmington Trust Investment Advisors in Wilmington, Del. Add the handful of economic reports out Friday to the anxiety over the Fed’s stimulus program, “and you have the recipe Login to read more