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NEW YORK (CNNMoney) -- U.S. stocks turned lower Friday after a reading on consumer sentiment fell short of expectations.
While the University of Michigan's index measuring consumer sentiment improved in October to 82.6 from the prior month, it was revised down from a preliminary reading of 83.1, disappointing analysts who were expecting the index to remain unchanged.
The Dow Jones industrial average slipped about 0.3%, while the Nasdaq and S&P 500 shed 0.4%.
Banks were among the biggest decliners, with Bank of America (BAC, Fortune 500) and JPMorgan Chase (JPM, Fortune 500) dragging on the Dow.
Earlier, stocks inched higher as investors welcomed a stronger-than-expected report on U.S. economic growth.
Gross domestic product, the broadest measure of economic activity, rose at a 2% annual rate in the third quarter, according to government data. The figure was higher than the 1.7% rate economists surveyed by CNNMoney had forecast. GDP grew at a rate of 1.3% in the second quarter.
Meanwhile, investors were also digesting the latest reports on corporate sales and earnings in the third quarter.
Apple (AAPL, Fortune 500), one of the most widely held stocks in the S&P 500, reported quarterly results that missed expectations, as iPad sales came in lower than forecasts. But the company's forecast for next quarter was a blockbuster, as Apple said it expects sales of around $52 billion, up 12% from last year's holiday quarter.
Additionally, Amazon (AMZN, Fortune 500) reported a narrower-than-expected loss but missed on sales.
As quarterly results continue to roll in, investors have been sidelined by weaker-than-expected sales growth and tepid guidance for the current quarter. In addition, traders have become risk-averse ahead of the U.S. presidential elections, while concerns about the fiscal cliff continue to weigh on the market.
The uncertainty has put pressure on markets. In fact, all three major indexes are on track to finish the week and October in the red, logging their first monthly loss since May. The Dow and S&P 500 are down about 2% for the month, while the Nasdaq is off more than 4% in October.
Fear & Greed Index
European stocks were mixed Friday. Britain's FTSE 100 slipped, while the DAX in Germany and France's CAC 40 gained ground.
Spain's IBEX 35 was down 0.3% after government statistics showed Spanish unemployment rose to a record high of 25% in the third quarter.
On Thursday, Standard & Poor's cut its ratings on BNP Paribas and two other major French banks, citing the rising economic risks that they face.
Meanwhile, Asian markets ended lower. The Shanghai Composite tumbled 1.7%, the Hang Seng in Hong Kong sank 1.2%, and Japan's Nikkei flopped 1.3%.
Companies: Merck (MRK, Fortune 500) reported third-quarter earnings that beat analysts' expectations, but a decline in sales worldwide sent shares lower.
Comcast (CMCSA)said earnings jumped 136% in the third quarter from the same period last year, helped by coverage of the 2012 Olympic Games. Shares of Comcast rose more than 2%.
Shares of Expedia (EXPE) rallied after the travel website reported strong quarterly earnings late Thursday.
Deckers Outdoor (DECK) tumbled after the maker of Ugg boots and Teva sandals slashed its outlook for the remainder of the year.
Currencies and commodities: The dollar was little changed against the euro and the British pound, but fell against the Japanese yen.
Oil for December delivery fell 30 cents to $86.75 a barrel.
Gold futures for December delivery rose $3.30 to $1,716.30 an ounce.
Bonds: The price on the benchmark 10-year U.S. Treasury rose, pushing the yield down to 1.77% from 1.83% late Thursday. 
First Published: October 26, 2012: 9:45 AM ET
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