U.S. stocks turned slightly lower as signs of a slowdown in manufacturing growth weighed on investor sentiment.

The Dow Jones industrial was down 28 points, or 0.2 percent, at 17,793 as of 11:55 a.m. Eastern time Friday. The Dow as up as much as 128 points in early trading.

The Standard & Poor's 500 index fell five points, or 0.3 percent, to 2,053. The Nasdaq composite fell 24 points, or 0.5 percent, to 4,712.

Oil turned higher after an early slump. U.S. crude was up 32 cents at $53.59 a barrel. Oil lost 45 percent last year, its biggest yearly loss since 2008.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.11 percent.