U.S. markets drop sharply Friday

New York -- U.S. markets fell in early-afternoon trading Friday on news from General Electric and the U.S. Labor Department.

General Electric reported first-quarter profits 12 percent lower than anticipated, while the Labor Department said import prices rose 2.8 percent in March, led by a 9.1 percent increase in petroleum.

The Dow Jones industrial average dropped 149.74 points to 12,4332.74, down 1.19 percent. The Standard & Poor's 500 index fell 15.59 to 1,344.96, off 1.15 percent. The Nasdaq composite index fell 34.05 to 2,317.65, off 1.45 percent.

The 10-year treasury note gained 24/32 to yield 3.464 percent.

The dollar fell. The euro traded at $1.5809 from Thursday's $1.5743, while the dollar traded at 100.94 yen from Thursday's 101.81 yen.

In Tokyo, the Nikkei index gained 378.43 points to 13,323.73, up 2.92 percent.

In London, the FTSE 100 index fell 73.50 to 5,891.60, off 1.23 percent.

Copyright 2008 by United Press International.