Stocks extended losses on Friday, with major indexes falling more than 1 percent after Federal Reserve Chairman Ben Bernanke said the U.S. economic recovery was much less robust than hoped but stopped short of signaling further action to boost growth.

The Dow Jones industrial average <.DJI> dropped 180.92 points, or 1.62 percent, to 10,968.90. The Standard & Poor's 500 Index <.SPX> slid 19.94 points, or 1.72 percent, to 1,139.33. The Nasdaq Composite Index <.IXIC> declined 26.56 points, or 1.10 percent, to 2,393.07.

(Reporting by Edward Krudy)

Ben Bernanke