North American stocks dipped slightly at the start of trading on Friday, despite U.S. economic readings that were in line with expectations.
The Dow Jones industrial average fell 43 points or 0.4 per cent, to 12,007. The broader S&P 500 fell 4 points or 0.3 per cent, to 1279. In Canada, the S&P/TSX composite index fell 8 points or less than 0.1 per cent, to 12,971.
The Commerce Department reported that the U.S. economy grew by 1.9 per cent in the first quarter, up from an earlier estimate of 1.8 per cent and close to expectations. As well, durable goods orders rebounded in May by 1.9 per cent, a little ahead of expectations for a rise of 1.6 per cent.
Alcoa Inc. rose 1 per cent and DuPont rose 0.3 per cent. However, Pfizer Inc. and Microsoft Corp. fell 1.3 per cent each, while Johnson & Johnson fell 0.8 per cent.
Oracle Corp. fell 3.6 per cent after it released its quarterly earnings after markets closed on Thursday. While fiscal fourth quarter earnings rose 36 per cent, investors were disappointed by the company's sales forecast for fiscal 2012.
Among Canadian stocks, Suncor Energy Inc. fell 0.8 per cent after the price of crude oil appeared to stabilized below $91 (U.S.) a barrel. Royal Bank of Canada rose 0.4 per cent and Teck Resources Ltd. rose 0.9 per cent. However, Research In Motion Ltd. fell 1.2 per cent.