U.S. stocks extended losses in early-afternoon trade Friday after weak gross domestic product (GDP) and consumer-sentiment data added to investor concerns about the strength of the U.S. economy. The latest data showed the economy contracted at a 0.7 percent annual rate in the first quarter, a sharp reversal from an earlier estimate of a 0.2 percent growth pace. The report also showed that corporate profits declined for a second consecutive quarter, dropping 8.7 percent, the biggest decline in a year. Meanwhile, consumer sentiment fell in May. Investors closely watch economic data for clues on the timing of an increase in interest rates by the Federal Reserve (Fed). Investors also are considering Greece's ability to reach a deal with its euro-zone partners by Sunday. A euro-zone official said the Greece will not be able to get the money still available under its current rescue plan if it does not agree to the outline of a reforms-for-cash deal with creditors by the end of next week. The Dow Jones industrial average was down 0.3 percent in early-afternoon trade on Wall Street. The broader Standard & Poor's 500 index also fell 0.3 percent, with all 10 of its sectors lower. The technology-heavy Nasdaq composite index lost 0.1 percent. Shares of chipmaking giant Intel rose 1.5 percent, giving the biggest boost to the Dow industrials and the S&P 500, on a New York Post report that it was close to acquiring Altera for about $15 billion. Benchmark West Texas Intermediate (WTI) crude futures rose sharply, gaining 3.3 percent to above $59.50 a barrel on the New York Mercantile Exchange. Gold futures rose nearly $2 to about $1,190 an ounce.
