U.S. markets drop Friday

NEW YORK, Sept. 25 (UPI) -- U.S. markets fell Friday as Group of 20 world leaders met for the second day of an economic summit in Pittsburgh.

President Barack Obama announced the G20 nations had superseded the longer-standing Group of 8 on economic issues. But Peter Morici, a former chief economist with the U.S. International Trade Commission said the announcement is not Earth shattering. It "merely recognizes reality," he said.

By close, the Dow Jones industrial lost 42.25 points, 0.44 percent, to 9,665.19. The Standard & Poor's 500 slid 0.61 percent, 6.40 points, to 1,044.38. The Nasdaq composite index lost 0.79 percent, 16.69 points, to 2,090.92.

On the New York Stock Exchange, 1,358 stocks advanced and 1,633 declined on a volume of 4.5 billion shares traded.

The benchmark 10-year Treasury rose 15/32 to yield 3.324 percent.

The euro rose to $1.4675 from Thursday's $1.4656. Against the yen, the dollar fell to 89.74 yen from Thursday's 91.22 yen.

In Japan, the Nikkei 225 index lost 278.24 points, 2.64 percent, to 10,265.98.

In Britain, the FTSE 100 index rose 0.06 percent, 2.93 points, to 5,082.20.