Countrywide makes a deal

The Dow Jones Industrial Average ended down 246.79 points Friday, or 1.9%, at 12606.30. American Express, a component of the average, tumbled by 10% after warning it will have to take a charge of $440 million before taxes in the fourth quarter to cover higher delinquencies and loan write-offs. Investors sold shares throughout the day as their focus shifted from the mortgage crisis effect on financial firms to the effects it is having in other areas of the economy. Bank of America meanwhile confirmed that it had reached a $4 billion all-stock deal to acquire Countrywide Financial. Gold contracts ended up $4.10, at a record $897.70 per ounce Friday. DJIA -246.79 Nasdaq -48.58 S&P 500 -19.31