U.S. stocks drift lower amid data

U.S. stocks reversed early gains to trade mildly lower around midday Friday, as Wall Street meditated on a batch of economic reports.

At noon, the Dow Jones Industrial Average inched down 14.07 points, or 0.08 percent, to 18,492.34. The S&P 500 fell 4.95 points, or 0.23 percent, to 2,158.80. The Nasdaq Composite Index dipped 8.95 points, or 0.18 percent, to 5,025.10.

The U.S. Commerce Department announced Friday that advance estimates of U.S. retail and food services sales for June increased 0.6 percent from the previous month to 457.0 billion U.S. dollars, beating market consensus of a 0.1-percent gain.

The U.S. Consumer Price Index (CPI) for all urban consumers increased 0.2 percent in June on a seasonally adjusted basis, the Labor Department reported Friday.

The index for all items less food and energy increased 0.2 percent in June, and it has increased 2.3 percent over the past 12 months.

Meanwhile, U.S. industrial production increased 0.6 percent in June after declining 0.3 percent in May, said the Federal Reserve Friday.

For the second quarter as a whole, industrial production fell at an annual rate of 1.0 percent, its third consecutive quarterly decline.

In corporate news, shares of Citigroup Inc traded nearly 1 percent lower around midday Friday, even though the U.S. bank delivered better-than-expected quarterly results.

U.S. stocks rallied Thursday on upbeat economic data, with the Dow and the S&P 500 setting their new intraday and closing highs. Enditem