Stocks Plunge Into the Weekend

Elsewhere, consumer products giant Procter & Gamble (PG Quote - Cramer on PG - Stock Picks) posted quarterly earnings that were a little better than expected. The company also set plans to buy back as much as $30 billion of its stock, and it affirmed its fiscal 2008 forecast. Still, shares lost 42 cents, or 0.7%, to end at $62.88.

Treasury prices were on the rise. The 10-year note was up 18/32 in price, yielding 4.69%, and the 30-year bond added 23/32, yielding 4.86%.

Lower oil prices offered bulls little solace. After setting a record intraday high of $78.77 a barrel earlier this week, the September benchmark crude contract has pulled back and finished down $1.38 at $75.48 a barrel.

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