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Stocks head lower, market headed for a weekly loss

FILE - In this Thursday, May 23, 2013, file photo, Trader Donato Cuttone works on the floor of the New York Stock Exchange near the close of trading. Asian shares traded erratically Friday May 24, 2013 but European markets found their footing, a day after global stocks were routed by unexpectedly weak Chinese manufacturing and fears the Federal Reserve will start withdrawing its monetary stimulus. (AP Photo/Richard Drew, File)

NEW YORK (AP) -- The stock market is heading lower in midday trading, putting it on track for its first weekly loss in a month.

The Dow Jones industrial average was down 30 points at 15,264 as of noon Eastern Daylight Time Friday, a drop of 0.3 percent.

The Standard & Poor's 500 was down five points at 1,645, a fall of 0.3 percent.

The market is headed for its first weekly loss in five weeks. Anxiety over the Federal Reserve's bond-buying program was the main culprit.

The Nasdaq composite fell 14 points, or 0.4 percent, to 3,445.

Sears plunged 17 percent after the department-store chain reported a steep quarterly loss and slumping sales.

Procter & Gamble surged 4 percent after the household products giant said it's bringing back its former CEO, A.G. Lafley.