U.S. markets down Friday morning
U.S. markets stumbled early Friday as Washington lawmakers focused on regulatory reform for financial systems.
President Barack Obama was scheduled to meet with bank executives Friday to follow up on Treasury Secretary Timothy Geithner’s draft of regulatory changes, pitched without much detail Thursday to the House Financial Service Committee.
In midmorning trading, the Dow Jones industrial average shed 126.16 points, or 1.59 percent, to 7,798.40. The Standard & Poor’s 500 fell 1.69 percent, 14.07 points, to 818.79. The Nasdaq composite index dropped 28.62 points, 1.8 percent, to 1,558.38.
The benchmark 10-year U.S. Treasury bond rose 5/32 to yield 2.726 percent.
The dollar was mixed on Friday. The euro fell to $1.3265, compared to Thursday’s $1.3518. Against the Japanese yen, the dollar fell to 97.89 yen, compared to 98.70 yen Thursday.
In Tokyo, the Nikkei average lost 9.36 points to 8,626.97, down 0.11 percent.