NEW YORK — U.S. stocks fell Friday, as Goldman Sachs Group Inc. posted its biggest dollar drop in the stock’s history after being slapped with civil-fraud charges by the Securities and Exchange Commission.
The Dow Jones industrial average closed down 125.91 points, or 1.1 percent, to 11,018.6. Still, the Dow posted its seventh straight week of gains, its longest winning streak since the seven-week period that ended in May 2007.
The S&P 500 Index fell 19.54 points, or 1.61 percent, to 1,192.13, closing below the key 1,200 level it captured earlier this week for the first time since September 2008.
Volume surged on Friday, with more than 8.3 billion shares trading hands in New York Stock Exchange Composite volume.
Spurring the market’s tumble, Goldman Sachs dropped $23.57 to close at $160.70.
The news also caused commodities to slip as spooked investors retreated to the safety of Treasurys. The 10-year note rose to yield 3.77 percent. Crude prices slid to just above $83 a barrel, cutting into the energy sector. Valero Energy Corp. fell 3.6 percent, while Diamond Offshore Drilling Inc. dropped 4.7 percent and Consol Energy Inc. slid 3.9 percent.
While most of the market’s drop came after the SEC filed its charges, the Dow had started the session down, weighed by disappointment over the latest slate of earnings from companies including Bank of America Corp. and General Electric Co.
Bank of America fell 5.5 percent, while GE slid 2.7 percent. Bank of America’s $3.2 billion profit exceeded analysts’ expectations but declined from a year earlier, while GE’s first-quarter earnings fell 31 percent.
Earnings from the technology companies including Google Inc. and Advanced Micro Devices Inc. received a similar reaction from investors and weighed on the Nasdaq Composite Index, which sank 34.43, or 1.37 percent, to close at 2481.26.
Google fell 7.6 percent.
