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Stocks have worst week in two years

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Procter & Gamble shares rose after the consumer products company reported earnings

There was no reprieve for investors Friday as the U.S. stock market retreated for a second day. The Standard & Poor's 500 index was on pace for its worst week since April. The market had been down even more at midday but recovered much of its loss in afternoon trading.

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.

Copyright © 2014, Los Angeles Times
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