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NEW YORK (MarketWatch) - U.S. stocks moderated their losses Friday as investors mulled the government's take on economic growth in the second quarter. "The preliminary data on the economic growth rate seen during the second quarter, showing the GDP grew at an annualized 2.4% rate, confirmed suspicions held by many investors," wrote Fred Dickson, chief market strategist at Davidson Companies. But, "the low valuation level of the U.S. stock market already discounts a slow economic recovery," Dickson added. Scaling back from a 120-point drop, the Dow Jones Industrial Average fell 65.62 points to 10,401.54. The S&P 500 declined 7.7 points to 1,094.83. The Nasdaq Composite was off 22.70 points at 2,229.00.