U.S. markets drop Friday

President Barack Obama is scheduled to announce the G20 nations had superseded the longer-standing Group of 8 on economic issues. But Peter Morici, a former chief economist with the U.S. International Trade Commission said the announcement is not Earth shattering. It "merely recognizes reality," he said.

In early afternoon trading, the Dow Jones industrial lost 55.77 points, 0.57 percent, to 9,651.67. The Standard & Poor's 500 slid 0.81 percent, 8.54 points, to 1,042.24. The Nasdaq composite index lost 0.96 percent, 20.07 points, to 2,087.54.

The benchmark 10-year Treasury rose 12/32 to yield 3.335 percent.

The euro rose to $1.4668 from Thursday's $1.4656. Against the yen, the dollar fell to 89.80 yen from Thursday's 91.22 yen.

In Japan, the Nikkei 225 index lost 278.24 points, 2.64 percent, to 10,265.98.

In Britain, the FTSE 100 index rose 0.06 percent, 2.93 points, to 5,082.20.

Copyright 2009 by United Press International.