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VOL. 38 | NO. 31 | Friday, August 01, 2014
US stocks have their worst week in two years
NEW YORK (AP) — The U.S. stock market is closing out its worst week in two years.
Traders moved money into investments traditionally seen as having lower risk Friday, such as U.S. government bonds, gold and utility stocks.
Energy stocks fell after Chevron reported weaker oil and gas production.
The Dow Jones industrial average lost 69 points, or 0.4 percent, to 16,493. The Dow has lost 387 points over the past two days. The slump interrupted five months of steady gains.
The Standard & Poor's 500 index fell five points, or 0.3 percent, to 1,925. The S&P 500 lost 2.7 percent this week, the biggest loss since June 2012.
The Nasdaq fell 17 points, or 0.4 percent, to 4,352.
Bond prices rose. The yield on the 10-year Treasury note fell to 2.49 percent.