Financial Market News

The Russell 2000, an index of smaller stocks, is down 4 percent this year and is trailing the other major market indexes.

Traders moved money into investments traditionally seen as having lower risk Friday, such as U.S. government bonds, gold and utility stocks.

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There was no reprieve for investors Friday as the U.S. stock market retreated for a second day.

North American stock markets looked to extend the sharp losses already registered as August trading got under way amid U.S. employment data that slightly missed expectations.

Citigroup Inc. says it's been told by the Securities and Exchange Commission that the agency has completed its investigation of the bank's conduct regarding mortgage bonds and won't bring further enforcement action.

Stocks were flat in early trading Friday. But after Thursday's huge plunge, flat may be almost as good as up.

Argentina's bond and stock markets and peso currency dropped on Thursday after Latin America's No.

Asian shares were mostly under water on Friday after a sudden slump on Wall Street spilled over globally, though a surprisingly strong pick up in manufacturing helped Chinese markets hold at seven-month highs.

The stock market had its worst one-day drop since February, driven down by a confluence of worries, from weak company earnings to the looming end of stimulus from the Federal Reserve.

Stocks of smaller U.S. companies have dropped this year following a spate of warnings that they've become too expensive.

Energy Resources of Australia has reported a first half net loss as the uranium price hovers around nine year lows amid weak demand.

That stimulus has underpinned gains in the stock market for years. KEEPING SCORE: The Standard & Poor's 500 index dropped 16 points, or 0.8 percent, to 1,953 as of 10:13 a.m. Eastern time.

The Dow, S&P 500 and Nasdaq are all down, with the Dow dropping 155 points. The Nasdaq is having the worst day of the three, falling 1.4%..

A comparison of the Federal Reserve's statements from its two-day meeting that ended Wednesday and its meeting June 17-18: Now: The Fed sees a better job market, but has added new qualifications: "Labor market conditions improved, with the unemployment rate declining further.

The news was nearly all good. The government said that the economy grew at a robust 4 percent annual rate this spring.

Despite strong economic growth and no major surprises from the Federal Reserve, the bulls couldn't quite get it together Wednesday.

Talks aimed at averting Argentina's second default in 13 years ended with bitter recriminations Wednesday as the South American country said it could not accept a deal with U.S. hedge fund creditors it dismisses as "vultures."

The central bank has been gradually reducing, or tapering, its monthly bond purchases since January.

Information received since the Federal Open Market Committee met in June indicates that growth in economic activity rebounded in the second quarter.