GDP advanced at a 3.1% annual rate in 1Q, the government reported Thursday. That was the slowest pace in two years and fell short of economists forecasts for a 3.5 percent pace. GDP grew at a 3.8% rate in the 4Q of 2004.

Oil prices slid $1.61 to $50 a barrel on the New York Mercantile Exchange a day after falling more than $2 on news of growing oil supplies. Oil recently has bounced off the $50 level.

The Dow Jones Industrial Average was off 22.50 points to 10176.30, while the Nasdaq Composite Index down 4.60 to 1925.90.

Among the reporting companies, Procter & Gamble reported it earned 63 cents per share, up vs. 55 cents a year ago and 2 cents more than expected.

Exxon Mobil said it earned $1.15 per share, up from a year ago, but short of estimates.

Microsoft posts its earnings after-the-bell today.

Overseas, Asian stocks closed higher and European shares slid at midday.


Shares UP:

Procter & Gamble gained 88 cents, or 1.6%, to 54.41.
Kellogg added 77 cents, or 1.8%, to 43.57.
Raytheon advanced 38 cents, or 1%, to 37.48.
Dow Chemical Co. up 12 cents at $44.89
Starbucks Corp. up $2.34 at $48.75
Sirius Satellite Radio Inc. up 17 cents at $4.84


Shares DOWN:

Martek Biosciences Corp. down $26.31 at $33.77
Exxon Mobil was off $1.25, or 2.1%, to $57.13.
Bristol-Myers Squibb fell 40 cents, or 1.6%, to 25.36.
Martek Biosciences plunged 26.55, or 44%, to 33.53.