U.S. markets close lower Friday

New York -- Rising oil prices and continued credit worries pushed U.S. stock indexes lower Friday.

Oil prices spiked at $136.08 in the afternoon before easing back, and Citigroup and Bank of American were among the day's active losers, dropping 4.02 percent and 3.2 percent, respectively.

The Dow Jones industrial average dropped 220.40 points to 11,842.69, off 1.83 percent. The Standard & Poor's 500 index lost 24.90 points to 1,317.93, off 1.85 percent. The Nasdaq composite index fell 2.27 percent to 2,406.09, down 55.97 points.

On the New York Stock Exchange, 566 stocks advanced and 2,574 declined on a volume of 2.044 billion shares traded.

The 10-year U.S. Treasury note gained 10/32 to yield 4.17 percent.

The dollar fell. The euro traded at $1.5619 from Thursday's $1.5502, while the dollar traded at 107.24 yen from Thursday's 107.97 yen.

In Tokyo, the Nikkei index lost 188.09 points to 13,942.08, off 1.33 percent.
In London, the FTSE 100 index fell 1.53 percent to 5,620.80, off 87.60 points.

Copyright 2008 by United Press International.