US close: stocks end week on losses as data disappoints

US stocks closed lower on Friday, as a raft of underwhelming data reports disappointed investors and revealed that the economy contracted in the first quarter for the second consecutive year.

The main indexes finished the week on a slight loss, but gained on a monthly basis. At close, the Dow Jones Industrial Average was down points 115.11, while the S&P 500 and the Nasdaq lost 13.40 and 27.95 points respectively.

Revised data showed US gross domestic product (GDP) shrank at an annualised pace of 0.7% in the first three months of the year. The preliminary estimate from the Department of Commerce was a contraction of 0.2%, while economists had been expecting a fall of 0.9%.

However, analysts said the disappointing reading did not necessarily represent the bigger picture. “While the impact of declining investment in the energy sector and a deteriorating trade balance is still highly visible, the rest of the U.S. economy is probably doing OK,” said Scott Anderson, chief economist of Bank of the West.

US personal consumption grew at a 1.8% annualised rate in the first quarter, revised down from an initial estimate of 1.9%, falling short of the 2% gain analysts had expected.

The Chicago Purchasing Managers' Index fell sharply in May, dropping from 52.3 in April to 46.2, missing analysts' expectations for a slight increase to 53.

US consumer confidence fell to a six-month low in May, according to the University of Michigan Index, which fell to 90.7 in May compared with a final April level of 95.9. Analysts had expected a final May reading of 89.5, compared with a preliminary print of 88.6.

Google traded lower as it announced Android Pay, a new mobile payment service set to directly compete with Apple Pay. Apple was also in the red on the news.

Chip maker Altera Corp surged after Intel Corp revealed it was nearing a takeover deal.

In international markets, European stocks declined as mounting Greek uncertainty threatened to dampened risk appetite. The Shanghai Composite closed slightly lower, in fallout from Thursday's 6.5% plummet.

The dollar gained 0.11% higher against the yen, 0.18% against the pound and fell 0.32% against the euro, while gold futures rose 0.19% to $1,191.

Oil prices advanced, as West Texas Intermediate gained 4.23% to $60.12 a barrel, while Brent climbed 4.46% to $65.37 a barrel.

S&P 500 - Risers
Humana Inc. (HUM) $213.22 +19.49%
GameStop Corp. (GME) $43.66 +6.70%
Altera Corp. (ALTR) $48.99 +4.31%
Avago Technologies Ltd. (AVGO) $148.35 +4.19%
CIGNA Corp. (CI) $140.68 +3.54%
Eli Lilly and Company (LLY) $78.90 +3.26%
Denbury Resources Inc. (DNR) $7.38 +3.15%
Newfield Exploration Co (NFX) $37.81 +2.77%
Discovery Communications Inc. Class A (DISCA) $33.94 +2.69%
Anthem Inc (ANTM) $168.46 +2.58%

S&P 500 - Fallers
Bristol-Myers Squibb (BMY) $64.63 -6.54%
Cablevision Systems Corp. (CVC) $24.53 -3.01%
Freeport-McMoRan Inc (FCX) $19.67 -2.43%
TJX Companies Inc. (TJX) $64.39 -2.40%
PACCAR Inc. (PCAR) $63.63 -2.36%
Fastenal Co. (FAST) $41.55 -2.36%
Cummins Inc. (CMI) $136.06 -2.29%
CenturyLink Inc. (CTL) $33.29 -2.26%
Whole Foods Market Inc. (WFM) $41.29 -2.23%
Ryder System Inc. (R) $91.62 -2.21%

Dow Jones I.A - Risers
Merck & Co. Inc. (MRK) $61.09 +2.33%
Intel Corp. (INTC) $34.44 +1.25%
Pfizer Inc. (PFE) $34.83 +1.15%
Unitedhealth Group Inc. (UNH) $120.32 +0.59%
Exxon Mobil Corp. (XOM) $85.20 +0.11%
Cisco Systems Inc. (CSCO) $29.37 +0.07%

Dow Jones I.A - Fallers
Procter & Gamble Co. (PG) $78.42 -1.15%
General Electric Co. (GE) $27.32 -1.12%
Visa Inc. (V) $68.79 -1.11%
Boeing Co. (BA) $140.77 -1.10%
Goldman Sachs Group Inc. (GS) $206.27 -1.06%
International Business Machines Corp. (IBM) $169.91 -1.05%
Microsoft Corp. (MSFT) $46.97 -1.02%
Apple Inc. (AAPL) $130.44 -1.02%
Travelers Company Inc. (TRV) $101.21 -0.92%
3M Co. (MMM) $159.47 -0.87%

Nasdaq 100 - Risers
Altera Corp. (ALTR) $48.99 +4.31%
Avago Technologies Ltd. (AVGO) $148.35 +4.19%
Discovery Communications Inc. Class A (DISCA) $33.94 +2.69%
Mondelez International Inc. (MDLZ) $41.46 +2.45%
Charter Communications Inc. (CHTR) $178.93 +1.46%
Nxp Semiconductors Nv (NXPI) $112.34 +1.40%
Sirius XM Holdings Inc (SIRI) $3.85 +1.32%
eBay Inc. (EBAY) $61.35 +1.30%
Intel Corp. (INTC) $34.44 +1.25%
Broadcom Corp. (BRCM) $56.88 +1.12%

Nasdaq 100 - Fallers
PACCAR Inc. (PCAR) $63.63 -2.36%
Fastenal Co. (FAST) $41.55 -2.36%
Whole Foods Market Inc. (WFM) $41.29 -2.23%
Express Scripts Holding Co (ESRX) $87.34 -2.12%
Wynn Resorts Ltd. (WYNN) $100.82 -2.11%
Keurig Green Mountain Inc (GMCR) $86.37 -2.10%
Activision Blizzard Inc. (ATVI) $25.26 -1.81%
Western Digital Corp. (WDC) $97.47 -1.77%
Expedia Inc. (EXPE) $107.43 -1.65%
Garmin Ltd. (GRMN) $45.51 -1.53%