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Stocks open lower in US after some weaker company results

This July 6, 2015 photo shows a Wall Street sign near the New York Stock Exchange. Most major global markets rose Thursday, July 30, 2015, after the U.S. Federal Reserve left interest rates unchanged at a record low, corporate earnings mostly did better than expected and investors awaited U.S. economic growth figures. (AP Photo/Mark Lennihan)
This July 6, 2015 photo shows a Wall Street sign near the New York Stock Exchange. Most major global markets rose Thursday, July 30, 2015, after the U.S. Federal Reserve left interest rates unchanged at a record low, corporate earnings mostly did better than expected and investors awaited U.S. economic growth figures. (AP Photo/Mark Lennihan) This July 6, 2015 photo shows a Wall Street sign near the New York Stock Exchange. Most major global markets rose Thursday, July 30, 2015, after the U.S. Federal Reserve left interest rates unchanged at a record low, corporate earnings mostly did better than expected and investors awaited U.S. economic growth figures. (AP Photo/Mark Lennihan)

By Associated Press 2 min read

NEW YORK (AP) – Stocks declined in early trading Thursday, following disappointing results from several big companies including Procter & Gamble and Facebook. A positive report on U.S. economic growth did little to help the market.

KEEPING SCORE: The Dow Jones industrial average lost 97 points, or 0.6 percent, to 17,654 as of 9:55 a.m. Eastern. The Standard & Poor’s 500 index lost 12 points, or 0.6 percent, to 2,097 and the Nasdaq composite lost 34 points, or 0.7 percent, to 5,079.

RECOVERY: The U.S. economy grew at a 2.3 percent annual rate in the April-June quarter, rebounding from a harsh winter. Leading the growth was a surge in consumer spending, the backbone of the U.S. economy, and a recovery in foreign trade. While positive, the data looks at the U.S. economy three months ago and did little to boost stocks.

NO SALE: Consumer products giant Procter & Gamble fell $3.02, or 4 percent, to $77.59. The maker of Tide detergent and Gillette razors reported softer sales than what Wall Street analysts had expected. The company, like many others, has been negatively affected by the strong dollar, which makes U.S. products more expensive abroad.

HIGHER EXPENSES: Facebook shares fell $4.29, or 4 percent, to $92.90 after the company’s results, while positive, included a sharp 82 percent jump in expenses as the company invested in growth. Facebook’s stock hit an all-time high on July 21.