Stocks Head Lower After the Open       05/24 10:08

   Stocks headed lower Friday morning, putting the market on track for a weekly 
loss.

   NEW YORK (AP) -- The stock market is heading lower in early trading, putting 
it on track for its first weekly loss in a month.

   An hour after the opening bell Friday, the Dow Jones industrial average was 
down 59 points at 15,235, a drop of 0.4 percent.

   The Standard & Poor's 500 index was down 10 points at 1,640, a fall of 0.6 
percent.

   The market is headed for its first weekly loss in five weeks. Anxiety over 
the Federal Reserve's bond-buying program was the main culprit. Some investors 
are concerned that the Fed will scale back its effort to support the economy 
sooner than they expected.

   The S&P 500, which is widely used by mutual funds as a proxy for the stock 
market, is down 1.7 percent for the week. It's still up 15 percent so far this 
year.

   Sears plunged 17 percent in early trading. The department-store chain 
reported a steep quarterly loss and slumping sales after the market closed 
Thursday. Sears lost $9.72 to $48.64.

   Procter & Gamble surged 4 percent. The household products giant said late 
Thursday that it's bringing back its former CEO, A.G. Lafley, to run the 
company. The world's largest consumer-products maker, whose brands include Tide 
and Crest, is trying to increase sales in the face of tough competition. P&G 
rose $3 to $81.70.

   Stocks fell Friday despite an encouraging report on U.S. manufacturing. The 
government said orders for long-lasting manufactured goods rebounded in April, 
helped by demand for aircraft and stronger business investment. The report 
suggests economic growth may hold steady this spring.

   The Nasdaq composite sank 20 points, or 0.6 percent, to 3,438.

   In the market for U.S. government bonds, the yield on the 10-year Treasury 
note slipped to 1.99 percent from 2.02 percent late Thursday.

   The price of crude oil fell 82 cents to $93.43 a barrel. Gold slipped $5 to 
$1,396 an ounce.

   U.S. financial markets will be closed Monday for Memorial Day. 


(KA)