U.S. stocks opened sharply lower Friday after the government reported August retail sales excluding autos fell sharply, suggesting that consumers held off spending in the face of turmoil in the financial markets. Bond prices jumped, AP reported. Also pressuring stocks was news that the Bank of England approved emergency funding for lender Northern Rock PLC to head off a possible liquidity crisis. Northern Rock issued a profit warning and blamed the shortfall on credit market turmoil. In the first minutes of trading, the Dow Jones industrial average fell 90.80, or 0.68 percent, to 13,334.08. Broader stock indicators fell 8.43, or 0.57 percent, to 1,475.52. The Standard & Poor's 500 index 8.43, or 0.57 percent, to 1,475.52, and the Nasdaq composite index fell 19.36, or 0.74 percent, to 2,581.70. Bonds rose, with the yield on the benchmark 10-year Treasury note fell to 4.41 percent from 4.48 percent late Thursday.
