U.S. markets fell sharply on Friday after investors were disappointed by reports that the Reuters/University of Michigan index of consumer sentiment fell unexpectedly in August.The Reuters/University of Michigan preliminary index of consumer sentiment unexpectedly decreased to 63.2.Dow Jones industrial average,an index of blue-chip stocks was down 0.8 percent down 76.79 to 9,321.40.Nasdaq composite index was down 1.2 percent down 23.83 to 1,985.52.S&P 500 index fell 0.9 percent down 8.64 to 1,004.09.For the weak,Dow was down 0.5 percent, while S&P 500 index was down 0.6 percent and the Nasdaq was down 0.7 percent.Industrial production was up 0.5 percent in June.

The biggest losses were among financial, energy and material sector which posted some of the biggest gains in recent days.The biggest decliner on the Dow was Boeing which was down 4.1 percent.Energy stocks plunged as crude oil prices was down 4 percent, to $67.51 a barrel,Exxon Mobil was down 0.8 percent, ConocoPhillips was down 1 percent.Alcoa share saw some profit booking which was down 3.2 percent after three day rally.Bank of America was up 2.3 percent to close at $17.39.JC Penney share were down more than 6 percent after department-store signaled that it could miss expectations this year.Abercrombie & Fitch shares gained 3.91 percent.Russell 2000 index was down 1.5 percent down 8.50 points for the week to 563.90.

Crude Oil prices fell to a two weeks low on Friday.Crude oil futuures for September delivery was down $3.01 to $67.51 a barrel on the New York mercantile Exchange