Stock Market

US stocks slipped on Friday as investors took profits following a recent surge, and energy shares drooped along with the price of oil. With developments in Washington increasingly setting the markets direction, US President Barack Obama - who needs to persuade banks to participate in his administrations plan to fix the financial crisis - is meeting with top bankers but has no specific agenda, a senior White House advisor said.

Bank shares had been among the leaders in the recent run-up, but Bank of America was up only 0.3 percent to $7.60 while J.P. Morgan Chase was down 1.4 percent to $28.70. The KBW bank index, down 0.8 percent for the session, is, however, still up more than 60 percent from a low set on March 6.

Exxon Mobil and Chevron were among the Dows top drags. Exxon fell 1.4 percent to $70.26 and Chevron sagged 1.3 percent to $69.28. The Dow Jones industrial average fell 121.06 points, or 1.53 percent, to 7,803.50. The Standard & Poors 500 Index dropped 11.89 points, or 1.43 percent, to 820.97. The Nasdaq Composite Index lost 27.59 points, or 1.74 percent, to 1,559.41.