Nasdaq falls 2 percent on profit concerns

Reuters

Stocks sharply extended declines on Friday, with the Nasdaq tumbling 2 percent as earnings from General Electric and Microsoft renewed worries about corporate profits, dragging down the technology and industrial sectors.

The Dow Jones industrial average dropped 170.87 points, or 1.26 percent, to 13,378.07. The Standard & Poor's 500 Index fell 20.33 points, or 1.40 percent, to 1,437.01. The Nasdaq Composite Index lost 61.61 points, or 2.00 percent, to 3,011.26.

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(Reporting by Leah Schnurr; Editing by Jan Paschal)