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NEW YORK - Blue chip and tech stocks fell sharply today on a mix of profit-taking, bargain hunting and general anxiety about corporate profits. Dow falls 160
Associated Press
The Dow Jones industrial average closed off 160.47 to 10,927.00, the Nasdaq composite index was down 78.63 to 3,835.23 and the Standard & Poor's 500 index fell 15.06 to 1,465.81.
Decliners beat advancers by a 5-to-3 margin on the New York Stock exchange, with 1,748 down, 1,086 up and 480 unchanged. Volume was 1.23 billion shares vs. 1.01 billion yesterday.
Today was a triple-witching day, when the expiration of stock options and futures contracts generally cause a spike upward in volume.
The NYSE composite index fell 5.00 to 669.42, the American Stock Exchange composite index rose 5.37 to 971.86 and the Russell 2000 index fell 8.34 to 530.87.
The 10-year Treasury note fell 13/32 to 99 11/32. Its yield rose 5 basis points to 5.84 percent. The 30-year bond fell 1 6/32 to 104 29/32, the biggest drop in four months. Its yield rose 8 basis points to 5.9 percent.
Investors unloaded shares of Anadigics, after the wireless communications company announced its earnings for the last half of this year would be hurt by reduced orders. Anadigics traded down $5.20 at $24.67.
Home appliance maker Maytag lost $2.19, falling to $33.63, after it warned that third- and fourth-quarter earnings will be below Wall Street estimates. But shares of Xerox rose $2 to $18 on published reports it is being eyed for acquisition by Hewlett-Packard, Canon and others.