US stocks fell, extending the longest stretch of weekly losses for the S&P 500 Index since 2004, as growing concern about the health of Fannie Mae and Freddie Mac sent bank shares to an 11-year low.

The Dow Jones industrial average, which traded down more than 250 points in the session, briefly moved into positive territory this afternoon before resuming its decline. The blue chips also fell below 11,000 for the first time in two years before recovering.

The S&P 500 lost 13.9, or 1.1 percent, to 1,239.49, its lowest level in two years. The Dow Jones Industrial Average fell 128.48, or 1.1 percent, to 11,100.54 after earlier tumbling as much as 251 points. The Nasdaq Composite Index slipped 18.77, or 0.8 percent, to 2,239.08. About five stocks dropped for every three that rose on the New York Stock Exchange.

A new high for oil prices above $147 a barrel also weighed on stocks.

Crude oil’s brief jump past $147 a barrel Friday arrived not only as the United States and Israel view Iran as a growing threat, but also as the U.S. dollar fell and worries erupted over possible supply disruptions in two other major oil-producing nations: Nigeria and Brazil.

(Sources: Bloomberg / AP Business Wire)