US stocks fell for a third day on Friday, putting indexes on track for their first negative week since mid-April, on lingering concern the US central bank may scale back its stimulus measures to support the economy. Still, losses were mild by midday, with a 4 percent gain in Procter & Gamble helping both the Dow and the S&P 500. A jump in April orders for long-lasting manufactured goods, such as refrigerators and toasters, painted an encouraging economic picture.
The Dow Jones industrial average shed 22.38 points, or 0.15 percent, to 15,272.12. The Standard & Poor's 500 Index slipped 4.98 points, or 0.30 percent, to 1,645.53. The Nasdaq Composite Index fell 8.69 points, or 0.25 percent, to 3,450.72. Procter & Gamble shares rose 4.1 percent to $81.89 after the world's largest household products maker brought back A.G. Lafley as chief executive Thursday, replacing Bob McDonald in the midst of a major restructuring.
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