Stocks Opened Flat ahead of Memorial Day Weekend

U.S. stocks opened flat on Friday, coming off six straight days of gains, as investors took to the sidelines ahead of a three-day holiday weekend.The Dow Jones Industrial Average lately dipped 9.70 points, or 0.05%, to 21,073.25. The S&P 500 was down 0.55 point, or 0.02%, to 2,414.52. The Nasdaq Composite shed 2.17 points, or 0.04%, to 6,203.08.

The U.S. economy slowed less than initially thought in the first quarter. Gross domestic product increased at a 1.2 percent annual rate instead of the 0.7 percent pace reported last month, the Commerce Department said on Friday in its second GDP estimate for the first three months of the year.

Orders for long-lasting goods such as planes and appliances fell in April for the first time in five months. Durable-goods orders dropped 0.7% last month amid weakness in most key segments of heavy industry, the government reported Friday.

Oil prices were volatile on Friday, on the heels of a near 5% drop triggered by disappointment that OPEC didn’t take more aggressive measures to cut production. West Texas Intermediate for July delivery was down 9 cents, or 0.2%, lower at $48.81 a barrel. Brent crude was down 20 cents, or 0.3%, at $51.28.