Stocks Fall as Fed Plans Gauged

U. S. stocks fell in the early trading on Friday, amid concern the central bank may scale back its support to the economy. The Dow Jones Industrial Average lately fell 68.18 points, or 0.45%, to 15,226.32. The S&P 500 lost 10.16 points, or 0.62%, to 1,640.35. The Nasdaq Composite sank 21.60 points, or 0.62%, to 3,437.82.

Orders for long-lasting manufactured goods rose more than expected in April, a hopeful sign that a contraction in factory output could soon run its course. New orders for durable goods, which range from toasters to aircraft, increased 3.3 percent last month, the Commerce Department said on Friday.

Household products giant Procter & Gamble Co.(PG) is hoping its former CEO can work his magic once again. The Cincinnati company said late Thursday that former CEO A.G. Lafley, a 33-year industry veteran, is returning its top post.

Exxon Mobil Corp.(XOM) is in exclusive talks with InterOil Corp. IOC +3.15% to invest in the latter’s natural gas assets in Papua New Guinea, a move that could cement the impoverished Southeast Asian country’s position as a new significant energy exporter.