Dow Jones closed down 86 on Friday - The market fell 145 or 1.17% for the week and it's looking likely that the quarter will boast the biggest drop since 2002 (which was then followed by the start of a 4½ year bull market).

The Dow was up 80 at its best and down 106 at its worst. FTSE down 0.43%. The focus moved from the credit crunch and financials to fears of recession again on the back of weak retail stocks (profit warning from JC Penney) and weak consumer spending numbers.

Retail sector down on back of poor earnings guidance from major consumer discretionary stocks JCPenney, and Apollo Group and financials down as major broker suggests banks will be unable to maintain dividends at current levels due to lower earning levels. The sector yield at 5.9% is the highest since 1990. They suggested some financials could fall 25%.

Both BHP and RIO up in ADR form on Friday, 0.77% and 0.65% respectively. Metals all down on Friday – Nickel down 3%, Zinc down 2.3% and Copper down 1.2%. Aluminium down 0.5%.

Oil price down $1.97 to $105.59 after OPEC governor of the United Arab Emirates said oil markets are well supplied with inventories of crude oil and refined products over the 5 year average. Gold down $18.20 to $930.60. Bonds down with the 10 year yield up to 3.43%