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General Electrics surprise poor earnings strike a blow to the markets. The Dow, S&P 500, and the Nasdaq all ended about 2% lower. For the week the Dow was also down over 2% and the Nasdaq lost over 3%. A disappointing forecast and an unexpected 6% drop in profit for GE cast a dark shadow on the upcoming earnings season. The conglomerate, which does everything from broadcasting to light bulbs, is considered a good indicator as to where the US economy may be headed. Tom D'More is with Morningstar. SPEAKER: Tom D'More, senior research analyst, Morningstar (english) saying: "Overall it does add to the theory the U.S. economy is slowing down. Although, I wouldn't say it points to a real dramatic slowdown. It points more to continued weakness in areas that people have understood were were weak - housing, autos, tools and appliances." The company said its financial services arm was hit hardest- falling about 20 percent. That's the biggest shock yet to American industry from the credit crisis. Shares of GE ended the day down almost 13%. In airline news, shares of Frontier Airlines fell nearly 70% with its bankruptcy filing on Friday. The carrier will continue to fly but 4 US airlines have shut down recently citing fuel costs. Meanwhile, investors aren't the only ones worried. A gloomy Reuters/University of Michigan report says US consumer sentiment fell to its lowest in more than a quarter century in early April. All the bad news adding urgency to a meeting of Group of Seven finance ministers and central bankers in Washington to discuss measures to contain the global credit crisis. Crude oil ended up slightly at $110 a barrel. In Europe, GE's bombshell also gave investors a scare. The German Dax, the Paris CAC-40 and the London FTSE all finished the session over 1% lower. Manoush Zomorodi, Reuters, New York COMPANIES MENTIONED: General Electric, Frontier Airlines SYMBOLS: GE.N, FRNT.O