Stocks Head Lower at Midday            05/24 13:58

   Stocks head lower Friday as the market is on track to have its first weekly 
loss in a month.

   NEW YORK (AP) -- The stock market headed slightly lower Friday, keeping on 
track for its first weekly loss in a month.

   The Standard & Poor's 500 index was down three points at 1,647, a slip of 
0.2 percent, as of 1:30 p.m. Eastern time.

   The Dow Jones industrial average was down three points at 15,291. Procter & 
Gamble supported the Dow, rising 4 percent.

   Both indexes are headed for their first weekly losses since the week ending 
April 19. 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, widely used by mutual funds as a proxy for the stock market, is 
down 1.2 percent for the week. It's still up 15 percent so far this year.

   Marty Leclerc, the managing partner of Barrack Yard Advisors, an investment 
firm in Bryn Mawr, Pa., said the weekly drop wasn't cause for concern. Even 
market rallies have to take the occasional break.

   "It's up like a rocket blast this year," he said of the stock market. "For 
there to be a little bit of a pullback is perfectly understandable."

   Sears plunged 14 percent after the department-store chain reported a steep 
quarterly loss and slumping sales after the market closed Thursday. Sears lost 
$7.91 to $50.26.

   Procter & Gamble announced 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 $3.22 to $81.92.

   The Nasdaq composite sank six points, or 0.2 percent, to 3,453. Nine of the 
10 industry groups in the S&P 500 dropped.

   The stock market slipped 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.

   In the market for U.S. government bonds, the yield on the 10-year Treasury 
note dipped to 2.01 percent from 2.02 percent late Thursday.

   The price of crude oil fell 43 cents to $93.83 a barrel. Gold dropped $5.20 
to $1,386.60 an ounce.

   Trading was light ahead of the long weekend. U.S. financial markets will be 
closed Monday for Memorial Day.

   Among other stocks in the news Friday:

   _ Intuitive Surgical gained 5 percent after a jury decided in favor of the 
maker of robotic medical equipment in the first of many lawsuits filed against 
the company. The plaintiffs argued that Intuitive was negligent in training 
doctors to use its equipment. Intuitive's stock rose $25.13 to $503.58.

   _ Titan Machinery plunged 9 percent. The company, which deals in 
agricultural and construction equipment, said late Thursday that weaker revenue 
will lead it to a wider quarterly loss than it had expected. Titan's stock lost 
$2.07 to $20.43.


(KA)