Stocks decline amid economic worries

Associated Press

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NEW YORK (AP) -- Stocks fell sharply Friday after a series of economic and earnings reports and a further rise in oil prices stoked concerns about the health of economy. The Dow Jones industrial average fell more than 200 points, or more than 1.5 percent.

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Investors grew unnerved by weak quarterly showings from American International Group Inc. and Dell Inc. An index of regional business activity that Wall Street regards as a precursor to a report due next week registered its weakest reading in more than six years.

Adding to Wall Street's list of worries, oil prices continued to stir concern about inflation after topping $103 per barrel overnight for the first time.

While stocks made sharp gains in the first three days this week even amid some lackluster economic readings, the litany of concerns investors succumbed to Friday offered a fresh look at the undercurrent of uncertainty that has kept Wall Street on edge for months.

"We really had to face a plethora of negative news," said Art Hogan, chief market strategist at Jefferies & Co. in Boston.

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