Friday's afternoon trade: higher oil, tumbling bank drag stocks lower

Rising oil prices and tumbling bank shares dragged Wall Street lower on Friday, with stocks surrendering the previous session's hefty gains. The brokerage downgraded shares of Citigroup Inc and Goldman Sachs Group Inc to "neutral" from "buy." Goldman fell 2 percent to $161.18 and Citi dropped 3.2 percent to $4.53. The KBW bank index lost 1.9 percent.
The Dow Jones industrial average lost 147.66 points, or 1.20 percent, to 12,110.54. The Standard & Poor's 500 Index fell 15.40 points, or 1.16 percent, to 1,315.57. The Nasdaq Composite Index dropped 24.70 points, or 0.88 percent, to 2,774.04. Volume was light, with about 4.15 billion shares traded on the New York Stock Exchange, NYSE Amex and Nasdaq so far in the session.