Fears on economy hit stocks

Posted: June 15, 2013

NEW YORK - Disappointing reports about the U.S. economy helped push the stock market lower 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 were not as busy as expected.

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.

The Dow Jones industrial dropped 105.90 points, or 0.7 percent, to 15,070.18. American Express led the Dow lower, losing $2.24, or 3 percent, to $72.97. The Nasdaq composite index lost 21.81 points, or 0.6 percent, to 3,423.56.

Banks led nine of the 10 industry groups in the S&P 500 lower. Utilities made slight gains.

Myriad Genetics sank $4.42, or 14 percent, to $27.59 a day after the Supreme Court gave the diagnostic test maker a partial victory in a patent battle.

Restoration Hardware jumped $9.51, or 16 percent, to $68.47 after it raised its forecast for full-year earnings.

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