Stocks fell sharply on Wall Street Friday after gloomy economic data and poor quarterly reports from American International Group Incorporated and Dell Incorporated. The major stock indexes fell more than 2.5 percent and the Dow Jones industrials lost 315 points. The news across the board was bad Friday. An index of regional business activity considered a good indicator of a broader report coming next week had its weakest showing in more than six years. Oil prices continued to stir concern as data from the U.S. Commerce Department showed inflation-adjusted spending to be virtually flat for the second month running. The Dow fell 315.79, or 2.51 percent, to 12,266.39, wiping out the week's 200 point gain and sending stocks lower for February, the fourth straight month of declines. The Standard & Poor's 500 index lost 37.05, or 2.71 percent, to 1,330.63, and the Nasdaq composite index declined 60.09, or 2.58 percent, to 2,271.48. The New York Stock Exchange composite fell 259.42 to close at 8,962.46, while the American Stock Exchange composite dropped 37.69 to 2,326.60. The Russell 2000 fell 19.54 to close at 686.18 The price of a barrel of light, sweet crude oil for March delivery fell 75 cents to $101.84.
