Eli Lilly dropped US$0.75 to US$56.75 on the news.
Embattled drugmaker Pfizer Inc received good news from the US Food and Drug Administration, which approved its drug Lyrica for neuropathic pain. Nonetheless, Pfizer was down US$0.12 at US$26.89.
General Electric Co slipped US$0.10 to US$36.50 after it reiterated its previous earnings forecasts for the fourth quarter and 2004. The conglomerate also said it completed a deal to sell its international capital financing division for US$500 million. GE retains a 40 percent stake in the division.
Advancing issues barely outnumbered decliners on the New York Stock Exchange, where volume came to 536.47 million shares, compared with 618.34 million at the same point on Thursday.
The Russell 2000 index of smaller companies was down 1.49, or 0.23 percent, at 651.57.
Overseas, markets in Japan and Germany were closed for the holiday, while Britain and France ended their sessions early. Britain's FTSE 100 closed down 0.12 percent and France's CAC-40 fell 0.18 percent for the session.
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