US markets retreat a day after a huge drop; S&P 500 on pace for its worst week of 2014

NEW YORK, N.Y. – U.S. markets are moving lower, extending a major sell-off from the day before.

Energy stocks fell the most after Chevron reported weaker oil and gas production. Exxon Mobil had reported disappointing production figures the day before.

The Dow Jones industrial average lost 110 points, or 0.7 per cent, to 16,454 as of noon Eastern time. The blue-chip index lost 317 points the day before, its biggest one-day drop since February.

The Standard & Poor’s 500 index fell 12 points, or 0.7 per cent, to 1,918 and the Nasdaq composite fell 39 points, or 0.9 per cent, to 4,329.

The S&P 500 index is down 3 per cent for the week and is heading for its worst week of the year.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.49 per cent.