U.S. stocks dropped Friday as the rout in oil continued and a report indicated that growth in China, the world's second-largest economy, continues to slow.

The Standard & Poor's 500 index fell 19 points, or 1 percent, to 2,013 as of 12:13 p.m. The index is down 3 percent this week, putting it on track to end the week lower for the first time in almost two months.

Falling oil prices weighed on the stock market again. Oil slumped after the International Energy Agency said global oil demand in 2015 will grow less than previously forecast.

U.S. benchmark oil slipped $2.22, or 3.7 percent, to $57.70 a barrel.

Energy stocks in the S&P 500 index fell 1.6 percent, taking their loss for the year to 16.1 percent.

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