NEW YORK (Reuters) -U.S. stocks extended losses in afternoon trading on Friday, after a G-7 official said the Group of Seven major nations is unlikely to adopt Britain's proposal to guarantee lending between banks when it meets on Friday.
Wall Street had already been trading sharply lower, as panicked investors unwound risky bets in a global sell-off on fears that tighter credit would spawn a world recession.
The Dow Jones industrial average <.DJI> was down 545.19 points, or 6.35 percent, at 8,034.00. The Standard & Poor's 500 Index <.SPX> was down 63.66 points, or 7.00 percent, at 846.26. The Nasdaq Composite Index <.IXIC> was down 97.61 points, or 5.93 percent, at 1,547.51.
(Reporting by Kristina Cooke; Editing by Jan Paschal)
