US markets fall for a second day

Associated Press
FILE - This April 22, 2010, file photo, shows a Wall Street sign in front of the New York Stock Exchange. U.S. stocks slumped Thursday, July 31, 2014, as investors reacted to disappointing corporate earnings reports and assessed the implications of the approaching end to economic stimulus from the Federal Reserve. (AP Photo/Mark Lennihan, File)
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FILE - This April 22, 2010, file photo, shows a Wall Street sign in front of the New York Stock Exchange. U.S. stocks slumped Thursday, July 31, 2014, as investors reacted to disappointing corporate earnings reports and assessed the implications of the approaching end to economic stimulus from the Federal Reserve. (AP Photo/Mark Lennihan, File)

NEW YORK (AP) — U.S. markets were moving lower Friday, a day after a major sell-off. Energy stocks had some of the biggest losses after Chevron reported weaker oil and gas production. Exxon Mobil had reported disappointing production figures the day before.

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KEEPING SCORE: The Dow Jones industrial average lost 50 points, or 0.3 percent, to 16,512 as of 11:31 a.m. Eastern. The blue-chip index lost 317 points the day before, its biggest one-day drop since February. The Standard & Poor's 500 index was down seven points, or 0.3 percent, to 1,924 and the Nasdaq composite fell 25 points, or 0.6 percent, to 4,345.

In Europe, Germany's DAX fell 2 percent, France's CAC 40 fell 0.7 percent, and the FTSE 100 index fell 1.5 percent.

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THE DAY AFTER: Investors were dealing with the aftermath of the worst day in months for financial markets. Factors include weak corporate earnings from big companies such as Exxon Mobil as well as the approaching end of stimulus from the Federal Reserve. Economic sanctions on Russia that have increased tensions with the West also played a role, as did Argentina's debt default Wednesday. And there's also the general worry by investors that stocks are overpriced.

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JOBS: The market's losses were held in check by a relatively strong jobs report early Friday. Employers added jobs to their payrolls, but not at such a fast pace to suggest that wages will start rising soon. That might prompt the Federal Reserve to raise interest rates to curb inflation.

"In a nutshell, it's a good report," said Dan Greenhaus, chief strategist at brokerage firm BTIG in New York. "Not too hot, not too cold."

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SAFETY IS KEY: Investors moved money into traditional safe havens: stocks that pay large dividends, bonds and gold. The yield on the 10-year Treasury note fell to 2.51 percent from 2.55 percent. Gold rose $13.50, or 1 percent, to $1,296.50 an ounce. Utility stocks, which investors favor during uncertain times because of their stable business models and high dividends, also rose. The Dow Jones utility index, which includes 15 utility companies, rose 0.5 percent.

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EARNINGS: Proctor & Gamble rose $3.05, or 4 percent, to $80.37. The consumer products giant said it earned an adjusted profit of 95 cents a share, four cents better what analysts had expected. LinkedIn, the business social networking site, rose $18.01, or 10 percent, to $198.63 after its own results beat analysts' expectations.

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LOW ENERGY: Benchmark U.S. crude for September delivery slipped 76 cents to $97.43 a barrel. Brent crude, a benchmark for international oils used by many U.S. refineries, fell 77 cents to $105.26 in London.

Chevron, the world's second-largest energy company, sank $1.93, or 1.5 percent, to $127.31. While the oil and gas giant reported earnings that were better than analysts had predicted, oil and gas production fell in the quarter. Also, part of Chevron's profit was related to one-time asset sales.

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Carlo Piovano contributed from London. Matt Craft contributed from New York and Kelvin Chan contributed from Hong Kong.

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