NEW YORK, Feb. 9 (Xinhua) -- U.S. stocks reversed early gains to trade lower around midday on Friday, a day after both the Dow Jones Industrial Average and the S&P 50 fell into correction territory.
By noon, the Dow Jones Industrial Average lost 144.04 points, or 0.50 percent, to 23,716.42. The S&P 50 decreased 10.37 points, or 0.40 percent, to 2,570.63. The Nasdaq Composite Index dipped 33.19 points, or 0.49 percent, to 6,743.97.
On Thursday, U.S. stocks plummeted, with the Dow sinking over 1,000 points, as the rise in yields continued to weigh on the market.
Both the Dow and the S&P 50 registered a 10 percent drop from their highs at the close Thursday, indicating a market correction by Wall Street's traditional definition.
It was the second time the Dow declined more than 1,000 points in one week. On Monday, the blue-chip index slumped 1,175.21 points, or 4.50 percent.
Investors also kept a close eye on the progress of the U.S. government's spending bill. U.S. nonessential government services were shutdown overnight but reopened Friday morning following Congressional passage of a temporary two-year 50-billion-U.S.-dollar spending bill that President Donald Trump signed Friday morning.
In corporate news, shares of FireEye, Inc. surged about 6 percent around midday on Friday after the software-security company reported its first-ever quarter of profitability.
The latest data from Thomson Reuters showed that the S&P 50 companies' blended earnings in the fourth quarter of 2017 are expected to rise by 14.7 percent year on year, while the revenues are forecast to increase by 8 percent. Enditem