(Reuters) - Stocks extended losses on Friday with the S&P 500 and Dow industrials down more than 1 percent, weighed by rising oil prices and after a slight disappointment following the government's payrolls report.

A drop in bank shares following Bank of America Merrill's downgrade of Goldman Sachs and Citigroup also dragged equities lower.

The Dow Jones industrial average .DJI dropped 140.24 points, or 1.14 percent, to 12,117.96. The Standard & Poor's 500 Index .SPX fell 15.25 points, or 1.15 percent, to 1,315.72. The Nasdaq Composite Index .IXIClost 23.73 points, or 0.85 percent, to 2,775.01.

(Editing by Kenneth Barry)

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