Wall Street opens red, despite positive durable goods data

Wall Street opened lower Friday, with upbeat durable-goods data failing to negate negative sentiment after another volatile session for Asian markets.

The Dow Jones Industrial Average dropped 0.56% to 15209.96 points. The NASDAQ composite index lost 0.80% to 3431.98 points. The S&P 500 index was down 0.62% to 1640.26 points. As of 09:52 New York Time

Orders for long-lasting, big-ticket U.S. goods rose 3.3% in April, led by higher demand for aircraft, military wares and autos. That beat forecasts, as economists had expected a 1.4% gain. U.S. stock index futures pared some losses after the report was released.

On Yesterday, benchmark stock indices retreated as a contraction in Chinese manufacturing offset U.S. housing data, while investors took in Federal Reserve Chairman Ben Bernanke’s comments that the unprecedented bond-buying program could be cut in the next few meetings.

For the week, the Dow, S&P 500 and NASDAQ are all on pace to snap four-week winning streaks. Each index reached an all-time or multiyear high during this past week, but then turned tail.

On the corporate front, Abercrombie & Fitch slumped 8% after posting a bigger-than-expected first-quarter loss before the open. The teen clothing retailer’s revenue also missed expectations.

On the upside, Pandora surged 11% after its upbeat quarterly report, out late Thursday. The Internet radio company disclosed big gains in mobile revenue.

Procter & Gamble Inc. advanced 6% after the consumer products giant said late Thursday that A.G. Lafley would return as chief executive, replacing the embattled Bob McDonald.

In other markets Friday, European stocks were down, and a better-than-expected rise in German business confidence only had a brief, positive impact on stocks in that country. U.K. markets will be closed Monday for a holiday there.