NEW YORK -- Stocks turned abruptly lower today when an earnings warning from Bank of America incited a wave of selling that wiped out much of yesterday's big gain in the Dow industrials. High-tech stocks also fell sharply. The Dow Jones industrial average fell 234.34, or 2.15 percent, to close at 10,664.38. That obliterated a big chunk of the Dow's 338-point gain yesterday.
Dow sinks 234;
Nasdaq off 93
The Nasdaq composite index lost 93.30, or 3.2 percent, to end at 2,796.50. The tech-focused index had advanced 274 points, or 10.5 percent, yesterday, the Nasdaq's biggest one-day percentage and point gains ever. The broader Standard & Poor's 500 index fell 25.08 point, or 1.8 percent, today to 1,351.49, following yesterday's 51-point gain. Decliners led advancers by a more than 4-to-3 margin on the New York Stock Exchange, with 1,219 up, 1,670 down and 427 unchanged. NYSE volume was 1.36 billion shares vs. yesterday's 1.38 billion.
The Russell 2000 index, which tracks the performance of smaller companies, ended down 7.63 at 463.54. The NYSE composite index dropped 7.55 to 645.72; and the American Stock Exchange index dropped 9.54 to 854.48.
The 10-year Treasury note was up 25/32 point, or $7.81 per $1,000 in face value; its yield fell to 5.31 percent from 5.42 percent late yesterday. Prices and yields move in opposite directions. The 30-year bonds were up 1 3/32 point and yielded 5.51 percent, down from 5.58 percent late yesterday.