New York ? U.S. stocks closed sharply lower Friday, with the Dow Jones Industrial Average ending under 12,000 for the first time in three months, as escalating oil prices and more trouble in the financial sector compounded market anxiety.

On the New York Mercantile Exchange, crude-oil futures for July delivery gained $2.69 to end at $134.62 a barrel, up 2 percent on the day but down 0.2 percent for the week.

Down about 465 points, or 3.8 percent, for the week, the Dow ended at 11,842.69, off 220.4 points, or 1.8 percent, for the session.

The blue-chip index had not closed below 12,000 since March 17, when it ended at 11,972.25. Friday’s finish marked its lowest close since March 10, when it settled at 11,740.15.

Of its 30 components, 29 posted losses, with the bleeding led by shares of General Motors Corp., down 6.8 percent.

The automaker and rivals Ford Motor Co. and Chrysler all drew negative attention from Standard & Poor’s, which warned it might downgrade the ratings of all three companies after a review of deteriorating industry conditions.

Off the Dow, shares of Ford slid 8.1 percent. The Coca-Cola Co. proved the sole member of the Dow 30 to remain in the green, trading 0.6 percent higher.

The S&P 500 fell 24.9 points, or 1.9 percent, to 1,317.93, with all 10 of the index’s industry groups posting declines, led by consumer discretionary, off 3.1 percent. The S&P closed with a weekly loss of 3.1 percent.

The Nasdaq Composite Index dropped 55.97 points, or 2.3 percent, to close at 2,406.09, giving the technology-laden index a loss of 3.1 percent for the week.