NEW YORK, Aug. 13 (UPI) -- Stocks dropped in early trading in New York Monday after Japan announced its second-quarter gross domestic product, which was lower than expected.
Japan's economy grew 1.4 percent over the first quarter, short of the 2.5 percent growth rate economists had predicted.
In midmorning trading on Wall Street, the Dow Jones industrial average lost 65.62 points, 0.5 percent, to 13,144.57.
The Nasdaq Composite shed 13.62 points, 0.45 percent, to 3,007.24.
The Standard and Poor's 500 dropped 6.02 points, 0.43 percent, to 1,399.85.
The 10-year U.S. treasury note yielded 1.634, with prices up 9/32.
Against the euro, the dollar was $1.2345 from $1.229 Friday. Against the yen, the dollar was 78.30 from 78.27 yen.
In Tokyo, the Nikkei closed at 8,885.15, off 6.29 points, or 0.07 percent.