Weak reports on GDP, jobs weigh on stocks

NEW YORK (AP) — Stocks are mixed after the government said the U.S. economy slowed in the first three months of this year.

The economy grew at a 1.8 percent annual rate in the January-March period. That’s the weakest showing since last spring when the European debt crisis reduced growth to 1.7 percent. Higher prices for oil and gas have constrained consumer spending.

The government also reported that more people applied for unemployment benefits last week. The increase, the second in three weeks, suggests that the job market remains sluggish.

The Dow Jones industrial average is up 28 points, or 0.2 percent, at 12,719 in midday trading. The Standard & Poor’s 500 is up 2 points, or 0.2 percent, at 1,358. The Nasdaq is down 6, or 0.2 percent, at 2,864.