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May 29, 2009

Markets turn down Friday morning

U.S. markets turned down Friday morning after an initial rally on the Commerce Department's revised its first quarter gross domestic product estimate.

Last month Commerce estimated the GDP decline at 6.1 percent. With more data available, Commerce changed the figure to a negative 5.7 percent Friday.

In midmorning trading, the Dow Jones industrial average dipped 13,22 points or 0.16 percent to 8,390.58. The Standard & Poor's 500 slipped 1.55 or 0.17 percent to 905.28. The Nasdaq composite index shed 0.64 or 0.04 percent to 1.751.15.

The benchmark 10-year U.S. Treasury bond rose 2/32 to yield 3.59 percent.

The euro rose to $1.4086, compared to Thursday's $1.3941. Against the Japanese yen, the dollar fell to 95.785 yen, compared to Thursday's 96.92 yen.

In Tokyo, the Nikkei average rose 0.75 percent, 71.11, to 9,522.50.