The Dow Jones industrial average slid below the 11,000 mark for the first time in two years on Friday as the price of oil rose and investors mulled problems facing the country's biggest mortgage financiers, Fannie Mae and Freddie Mac.

Oil prices set a new high above $147 a barrel. The Dow retreated 128.48 points, or 1.1 percent, to 11,100.54, with 21 stocks recording declines.

Shares of Chevron Corp. posted the largest decline on the index after projecting a second-quarter loss from refining and selling fuel. Shares declined $4, or 4.2 percent, to $92.25.

Shares of Boeing Co. declined $2.71, or 4.1 percent, to $63.28. Earlier in the session, shares hit $62.86, a three-year low.

Shares of JPMorgan Chase & Co. declined with a number of other financial stocks, losing $1.35, or 3.9 percent, to $33.16, and setting a multiyear low of $32.09.

On the gaining side, shares of General Motors Corp. rose 23 cents, or 2.4 percent, to $9.92, after setting a low of $9.14 earlier in the session - its lowest share price since July 1, 1954, when its stock dropped to $8.85, according to the Center for Research in Security Prices at the University of Chicago.

Shares of Caterpillar Inc. rose $1.39, or 2 percent, to $69.81.

Shares of Coca-Cola Co. gained 23 cents to $50.27, following numerous other beverage stocks higher. The stock set a 52-week low of $49.52.

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