NEW YORK?US stocks closed mixed in choppy trade Friday as investors digested a major financial reform bill and a downward revision to first-quarter economic growth.

The Dow Jones Industrial Average fell 8.99 points (0.09 percent) to 10,143.81, extending Thursday's sharp losses.

The tech-rich Nasdaq index gained 6.06 points (0.27 percent) at 2,223.48 and the broad-market S&P 500 index advanced 2.90 points (0.27 percent) to 1,076.59.

"Traders seem to be relieved that we have some clarity on financial reform, but are at the same time trying to determine what impact the changes will have on the financial markets," Charles Schwab & Co. analysts said in a note to clients.

The financial reform legislation forged by negotiators from the House of Representative and Senate early Friday "sets the stage for the most sweeping regulatory overhaul of the US financial industry in decades," Briefing.com analysts said in a note to clients.

They noted that the so-called "Volcker rule," which is aimed at banning banks from proprietary trading, "was softened by Senate negotiators" in the final legislation.

The bill heads to votes by both chambers in the Democratic-controlled Congress before going to President Barack Obama's desk to be signed.

"We are poised to pass the toughest financial reform since the ones we created in the aftermath of the Great Depression," Obama said at the White House before leaving for international summits in Canada.

On the economic front, the Commerce Department revised lower its estimate of first-quarter growth in gross domestic product, a broad measure of the country's output, to 2.7 percent.

The third and final estimate was the second downward revision of GDP growth for the January-March period, which had been initially calculated at 3.2 percent before being adjusted down to 3.0 percent in late May.