Stocks head lower, market headed for a weekly loss

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Associated Press

Posted on May 24, 2013 at 1:03 PM

NEW YORK (AP) — The stock market is heading lower in midday trading, putting it on track for its first weekly loss in a month.

The Dow Jones industrial average was down 30 points at 15,264 as of noon Eastern Daylight Time Friday, a drop of 0.3 percent.

The Standard & Poor's 500 was down five points at 1,645, a fall of 0.3 percent.

The market is headed for its first weekly loss in five weeks. Anxiety over the Federal Reserve's bond-buying program was the main culprit.

The Nasdaq composite fell 14 points, or 0.4 percent, to 3,445.

Sears plunged 17 percent after the department-store chain reported a steep quarterly loss and slumping sales.

Procter & Gamble surged 4 percent after the household products giant said it's bringing back its former CEO, A.G. Lafley.

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