Stocks solidly lower after US reports that the economy contracted in the first quarter

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FILE - This Oct. 2, 2014 file photo shows the Wall Street subway stop on Broadway, in New York's Financial District. The U.S. economy went into reverse in the first three months of this year as a severe winter and a widening trade deficit took a harsher toll than initially estimated. The overall economy as measured by the gross domestic product contracted at an annual rate of 0.7 percent in the January-March period, the Commerce Department reported Friday, May 29, 2015. (AP Photo/Richard Drew)

NEW YORK — U.S. stocks are closing lower following news that the economy shrank at the start of the year.

The government reported early Friday that the economy contracted 0.7 percent in the first quarter. That was worse than its initial estimate of growth of 0.2 percent.

The Standard & Poor's 500 index lost 13 points, or 0.6 percent, to 2,107. It was the first weekly decline for the index after three weeks of gains.

The Dow Jones industrial average lost 115 points, or 0.6 percent, to 18,011. The Nasdaq composite fell 27 points, or 0.6 percent, to 5,070.

Crude oil prices closed sharply higher.

Humana jumped 20 percent following a report that the company was considering a sale.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.11 percent.

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