NEW YORK (Reuters) - Stocks fell on Friday as record oil prices and fears of more credit losses in the financial sectors extended Thursday's losses and put the Dow on the verge of entering a bear market for the first time since 2001.

The Dow Jones industrial average .DJI fell 67.50 points, or 0.59 percent, to 11,385.92. The Standard & Poor's 500 Index .SPX shed 3.03 points, or 0.24 percent, to 1,280.12. The Nasdaq Composite Index .IXIC lost 13.96 points, or 0.60 percent, to 2,307.41.