NEW YORK — Stocks sank Friday following news that the U.S. economy shrank in the first three months of the year.
The revised data showed that gross domestic product contracted 0.7 percent in the first quarter. That was worse than the government’s initial estimate of growth of 0.2 percent.
The Dow Jones industrial average lost 115.44 points, or 0.6 percent, to 18,010.68. The Standard & Poor’s 500 index lost 13.40 points, or 0.6 percent, to 2,107.39, and the Nasdaq Composite lost 27.95 points, or 0.6 percent, to 5,070.03.
All three indexes ended the week lower. It was the first weekly loss for the S&P 500 following three weeks of gains.
Investors had two other disappointing pieces of economic news to work through. A Chicago manufacturing survey fell to 46.2, well below the 53 that economists were anticipating.
Along with the disappointing economic data, investors continued to watch developments out of Greece.
Greek Prime Minister Alexis Tsipras has said a deal with the country’s creditors could be ready by the weekend, but it appears other key officials are less confident.
“With it being a Friday and the uncertainty around the Greece situation and the disappointing economic data, naturally investors are taking some of their positions off the table,” said JJ Kinahan, a strategist at TDAmeritrade.
Christine Lagarde, the head of the International Monetary Fund, said a Greek exit from the euro remains a possibility, while German Finance Minister Wolfgang Schaeuble also appeared cautious in comments following the end of a meeting of top finance officials in Berlin.
