Wall Street extends fall on economic gloom

NEW YORK (Reuters) - Stocks extended declines on Friday after data showed the economy shrank at its fastest pace in nearly 27 years, while downbeat reports reinforced apprehension about the plight of consumers and manufacturers.

Consumer products maker Procter & Gamble Co was down more than 4 percent after its profit missed expectations and was the latest company to cut its full-year earnings forecast, citing weaker demand.

The Dow Jones industrial average <.DJI> was down 92.15 points, or 1.13 percent, at 8,056.86. The Standard & Poor's 500 Index <.SPX> lost 11.49 points, or 1.36 percent, to 833.65. The Nasdaq Composite Index <.IXIC> gave up 18.68 points, or 1.24 percent, at 1,489.16.

(Reporting by Leah Schnurr; Editing by James Dalgleish)