All the major indices lost ground Friday in a dismal end to the week.

The U.S. dollar was also sharply lower, while the price of oil soared above $126 a barrel.

Blue chips fared poorly. The Dow Jones Industrials fell 120.90 points or 0.94% to 12,745.88.

The Standard and Poor's 500 slid 9.40 points or 0.67% to 1,388.28, while the Nasdaq Composite lost a more modest 5.72 points or 0.23% to 2,445.52.

On currency markets the dollar matched stocks with a dismal performance. By the New York Close the Japanese yen had strengthened to 102.96.

The Swiss franc rose to 1.0409, and the euro to 1.5479. The British pound fell a touch to 1.9522.

The Australian dollar traded little changed at .9428, while the Canadian dollar rose to 1.0054.