U.S stocks dropped on Friday as Greece's crucial international bailout was put on hold by euro zone finance ministers, adding to concerns that Greece could not get the money to avert a disastrous default.

The Dow Jones industrial average lost 89.23 points, or 0.69 percent, at 12,801.23. The Standard & Poor's 500 fell 9.31 points, or 0.69 percent, to 1,342.64. The Nasdaq Composite Index dropped 23.35 points, or 0.80 percent, to 2,903.88.

Euro zone finance ministers said Greece had to save an extra 430 million dollars in order to be granted bailout funds while Greek workers staged a nationwide strike against the austerity plan.

Meanwhile, a leader of the smallest party in Greek coalition government said he may vote against the austerity deal.

On the economic news front, the Commerce Department said that U. S. trade deficit widened slightly more than expected to 48.8 billion dollars in December, hitting the highest level since July 2008.

According to Thomson Reuters and the University of Michigan, their overall index of consumer sentiment fell to 72.5 in early February from January's 75.0.

Adding to the downbeat tone, China's imports shrank in January partially due to the Lunar New Year, but it still raised concerns over the country's demand.