U.S. stocks closed mostly down Friday, although all three indexes ended the week with gains of more than 1 percent. In U.S. economic news, Gross domestic product (GDP) increased in the first quarter but fell short of what economists expected. That reading is the latest sign of what many investors see as a directionless economy that the Federal Reserve (Fed) cannot quite resuscitate. The Fed continues pumping billions of dollars a month into bonds and mortgage-backed securities to fuel the economy, but has seen lackluster results. In international economic news, the Bank of Japan said it would maintain its stimulus program. A separate report showed prices fell 0.5 percent last month in Japan, underscoring the monumental task facing policymakers as they attempt to reverse 15 years of deflation. In corporate news, D.R. Horton's stock price surged, after the home builder reported a near doubling of quarterly net income Friday, riding the wave of the recovering housing market. Burger King Worldwide rose after it reported an increase in profits. Starbucks came under pressure after issuing downside guidance for the current quarter and reaffirming its revenue outlook for the year. Amazon shares fell precipitously, after the online retailer reported a profit decline. Shares of Chinese search firm Baidu dropped more than 8 percent on weak earnings. Shares of Expedia were the biggest drag on the Nasdaq. The online travel site lowered its guidance for the year, blaming a slowdown in hotel reservations. The dollar lost ground against the euro, the pound, and the yen. Light sweet crude oil for June delivery dropped 64 cents to $93.00 a barrel on the New York Mercantile Exchange. Gold futures fell $8.40 to $1,453.60 an ounce. The Dow Jones industrial average rose 11.75, or 0.08 percent, to 14,712.55. The broader Standard & Poor's 500 index dropped 2.92, or 0.18 percent, to 1,582.24. The technology-heavy Nasdaq composite index lost 10.73, or 0.33 percent, to 3,279.26.
