Shares of American International Group Inc. took the biggest loss on the Dow Jones Industrial average Friday after the insurer posted a steeper-than-expected loss in the first quarter, helping to drag the index lower.
The blue-chip index slipped 120.90 points to close at 12,745.88. Just six companies finished higher on the 30-ticker index.
AIG lost $3.87, or 8.9 percent, to $40.28. Late Thursday, the company said its first-quarter loss widened to $7.81 billion and announced plans to raise $12.5 billion to improve its capital position.
General Motors shed 86 cents, or 4.1 percent, to $20.29. The automaker said in a regulatory filing it would provide financial support to help settle the 10-week auto strike at parts supplier American Axle and Manufacturing Holdings.
Citigroup Inc. slipped 67 cents, or 2.8 percent, to $23.63 after Chief Executive Vikram Pandit said the company would shed between $400 billion and $500 billion in assets.
Among the gainers, JPMorgan Chase & Co. added 52 cents to $46.57.
Microsoft Corp. climbed 12 cents to $29.39. Chairman Bill Gates told The Associated Press Friday that the company will focus on growing its own advertising and Internet search business following its failed takeover bid of Yahoo Inc.
American Express Co. rose 11 cents to $48.96.
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