Nasdaq falls 2%

Stocks sharply extended declines on Friday, with the Nasdaq tumbling 2 per cent, owing to renewed worries about corporate profits dragging down the technology, industrial sectors.

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