Updated from 4:09 p.m. EST

Stocks closed lower Friday as fairly positive economic reports failed to lure buyers to Wall Street. The Dow Jones Industrial Average ended with a loss of 12.74 points, or 0.1%, to 9907.26. The Nasdaq fell 22.78 points, or 1.2%, to 1911.25, and the S&P 500 dropped 8 points, or 0.7%, at 1122.20.

Corporate news was a little slow, but investors had plenty of data to keep them occupied. According to the Labor Department, the economy shed 89,000 nonfarm jobs in January, but the overall unemployment rate fell to 5.6% from 5.8%. Economists had been expecting about 60,000 lost jobs and an unemployment rate of 5.9%.

The Institute for Supply Management, formerly the National Association of Purchasing Management, said its manufacturing index rose to 49.9 in January from 48.2 in December, close to the 50 consensus. Separately, the University of Michigan said consumer sentiment dropped to 93.0 in January from 94.2 in December, slightly below the consensus estimate.

On the corporate front, Walt Disney ( DIS) gained $1.39, or 6.6%, to $22.45 a day after the company posted stronger-than-expected first-quarter earnings. The company offered a lukewarm forecast for 2002, but Merrill Lynch upgraded the stock to near-term buy from neutral.

UAL ( UAL), the parent of United Airlines, slid $1.27, or 8.6%, to $13.43 after the company posted a fourth-quarter loss of $11.74 a share because of the slowdown in travel the industry experienced after Sept. 11.

Amgen ( AMGN) received approval from the Food and Drug Administration for Neulasta, a drug designed to decrease the incidence of infection in patients receiving cancer treatment, and the company's shares climbed $2.38, or 4.3%, to $57.88.

TMP Worldwide ( TMPW) traded down $4.28, or 10.1%, to $38.29 after Forbes magazine reported that the company incurs a lot of charges related to mergers and integration expenses to make its financial results look better. The company denied various aspects of the report and has sent a letter to the magazine demanding a correction.

Ford ( F) dropped a day after a California jury ruled that the 1994 Explorer model was defective, prompting U.S. safety regulators to mull an investigation of the popular sport utility vehicle. Separately, the company on Friday said U.S. auto sales fell 10.4% in January. Shares of the automaker lost 40 cents, 2.6%, to $14.90.

Waste Management ( WMI) fell $3.69, or 12.8%, to $25.13 following the company's fourth-quarter profit warning. Elsewhere, Taiwan Semiconductor ( TSM) was among the most active stocks on the Big Board, adding 5 cents to $17.02, after the company priced an offering of 52 million American depositary shares at $16.75 each.

Tyco International ( TYC), which has been dogged by concerns about the company's bookkeeping (though lately the worries seem to be easing somewhat), turned in solid performance to finish out the week, tacking on $1.72, or 4.9%, to $36.87.

Overseas, stocks were mixed with London's FTSE 100 gaining 0.5% to 5190 and Germany's Xetra Dax off 0.2% at 5097. Japan's Nikkei 225 fell 2.1% to 9791, and the Hang Seng lost 0.3% to close at 10,691.

Treasuries were gaining ground. Around 4 p.m. EST, the 10-year Treasury note was up 12/32 to 100 4/32, yielding 4.98%.

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