Stocks fell Friday on disappointing Chinese economic data and renewed concerns over Spain's rising borrowing costs.

After two down and two up days this week, the S&P 500 was on track to end the week about 1 percent lower.

Weaker-than-expected data showed China's economy grew at its slowest pace in nearly three years and no signs of fresh stimulus.

Adding to investor concerns, Spain's benchmark government bond yield jumped above 5.9 percent after data showed Spanish banks borrowed heavily from the European Central Bank in March.

Bank shares were the biggest losers with declines in JPMorgan and Wells Fargo, despite beating quarterly earnings expectations. JPMorgan shares (JPM.N) fell 2 percent to $43.96 and Wells Fargo (WFC.N) shares were off 1.5 percent at $33.52. The S&P financial sector index .GSPF fell 1.1 percent.

The rally yesterday was built on rumors about China that the numbers would be better-than-expected. So when you get a number that is worse-than-expected, you have to see some of the gains pullback, said Joe Saluzzi, co-manager of trading at Themis Trading, Chatham, New Jersey.

The Dow Jones industrial average .DJI was down 93.43 points, or 0.72 percent, at 12,893.15. The Standard & Poor's 500 Index .SPX was down 10.71 points, or 0.77 percent, at 1,376.86. The Nasdaq Composite Index .IXIC was down 27.02 points, or 0.88 percent, at 3,028.53.

Data showed consumer sentiment slipping modestly in early April as higher gasoline prices hit household budgets even as optimism over the economic outlook lifted consumers' expectations.

The S&P 500 added more than 2 percent in the two previous sessions as immediate concerns over rising yields in Spain and Italy ebbed and on bets the Chinese GDP data would surprise on the upside.

Basic materials and energy shares also were pressured as copper and oil prices dipped after the Chinese data.

Consumer prices rose modestly in March, boosting the view the U.S. Federal Reserve has room to provide more support for the economy if needed.