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Dow drops 92
Associated PressNEW YORK -- Stocks fell today as investors took some profits from a powerful two-day run and sold shares that failed to live up to high expectations for corporate earnings.
Mild volume and modest losses for major market indicators made for one of the calmest sessions of the year, in contrast to the violent market swings of recent weeks.
The Dow Jones industrial average fell 92.46 to close at 10,674.96, having given up a solid midday gain. The Nasdaq composite index fell 87.16, or 2.3 percent, to close at 3,706.41. The S&P 500 sank by 14.14 points to 1,427.47.
Advancers barely beat decliners on the New York Stock Exchange, with 1,473 up, 1,468 down and 471 unchanged. NYSE volume totaled 1 billion shares vs. 1.09 billion yesterday. The NYSE composite index slipped 1.54 to 633.27. The American Stock Exchange composite index gained 8.87 to 886.23 and the Russell 2000 index gained 0.14 to end at 486.23.
The 30-year bond rose 7/8, or $8.75 per $1,000 face amount; its yield dropped to 5.85 percent from 5.91 percent yesterday. The yield on the 10-year note fell 7 basis points to 5.99 percent while the five-year note dropped 5 basis points to 6.23 percent. The two-year yield fell 1 basis point to 6.31 percent as investors awaited an announcement on the size of the Treasury's sale of two-year securities next week.
The stock market's decline reminded investors that last week's selloff has left the market vulnerable. Some mixed reports on corporate earnings and a sense that the rally on Monday and yesterday may have been overdone sparked selling today, analysts said.