NEW YORK (AP) — U.S. stocks are closing lower following news that the economy shrank at the start of the year.
The government reported early Friday that the economy contracted 0.7 percent in the first quarter. That was worse than its initial estimate of growth of 0.2 percent.
The Standard & Poor's 500 index lost 13 points, or 0.6 percent, to 2,107. It was the first weekly decline for the index after three weeks of gains.
The Dow Jones industrial average lost 115 points, or 0.6 percent, to 18,011. The Nasdaq composite fell 27 points, or 0.6 percent, to 5,070.
Crude oil prices closed sharply higher.
Humana jumped 20 percent following a report that the company was considering a sale.
Bond prices rose. The yield on the 10-year Treasury note fell to 2.11 percent.