Stocks Close Mixed on GDP Data, Chevron Lifts Dow

U.S. stocks ended mostly lower on Friday after a report showed the economy expanded at a slower pace than expected in the first quarter and a gauge of consumer sentiment fell in April. Gains for Chevron Corp. helped the Dow Jones Industrial Average finish in positive territory. The Dow Jones Industrial Average rose  11.75 points, or 0.08%, to end at 14,712.55, leaving it up 1.1% for the week. The S&P 500 index slipped 2.92 points,  or 0.18%, to end at 1,582.24, however, the index gained 1.7% for the week. The Nasdaq Composite declined 10.73  points, or 0.33%, to 3,279.26; for the week, it rose 2.3%.

The US economy grew at an annual rate of 2.5% in the first three months of the year, helped by the strongest  consumer spending figures in two years.

Confidence among consumers fell in April to a three-month low as Americans grew more pessimistic about the outlook  or the economy. The Thomson Reuters/University of Michigan final index of consumer sentiment declined less than  forecast, to 76.4 from 78.6 a month earlier.

Chevron (CVX) earnings beat estimates but its U.S. operations were weak on cheaper natgas and oil prices. The energy  giant said first-quarter earnings fell 2.8% to $3.18 per share, beating analyst estimates by 10 cents.

 

 

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