Stocks, Bond Yields Sink Following Gloomy Economic Reports

NEW YORK (AP) — Stocks are mostly lower and bond yields are at a new low for the year after two reports dimmed hopes for the job market and the U.S. economy.

The government says more people applied for unemployment benefits last week, the first increase in three weeks. A separate report says the economy grew at a sluggish 1.8 percent in the January-March quarter. Surging gasoline prices and cutbacks in government spending offset strong corporate earnings.

The yield on the 10-year Treasury note went as low as 3.07 percent, its lowest of the year.

The Dow Jones industrial average was down 33 points, or 0.3 percent, at 12,361 in midday trading. The S&P 500 fell 2, or 0.1 percent, at 1,319. The Nasdaq rose 4, or 0.1 percent, to 2,764.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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