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Dow drops 179
Associated PressNEW YORK -- Stocks tumbled today after the latest sign of economic growth brought interest rate worries to the foreground for the first time this week. Blue-chip stocks that have failed to live up to the market's robust profit expectations led the decline.
The Dow Jones industrial average fell 179.32, or 1.6 percent, to close at 10,945.50. The Nasdaq composite lost 81.14, or 2.2 percent, to 3,630.09. The Standard & Poor's 500 fell 16.45 to 1,460.99.
Decliners beat advancers by a 10-to-9 margin on the New York Stock Exchange, with 1,529 down, 1,404 up and 494 unchanged. NYSE volume totaled 985.56 million shares vs. 1.07 billion yesterday. The NYSE composite index fell 4.46 to 654.31; the American Stock Exchange composite index rose 0.39 to 896.43; and the Russell 2000 index fell 4.79 to 484.24.
The 30-year Treasury bond fell 7/32 point, or $2.19 per $1,000 face amount; its yield rose 2 points to 5.95 percent. The 10-year yield held at 6.13 percent. The two-year yield rose 1 point to 6.49 percent.
A day after the Dow and the Nasdaq each rose more than 200 points, many buyers retreated to the sidelines, debating their next moves. Selling gathered momentum in the final hour of trading as investors unloaded stocks in advance of a pair of crucial economic reports due out tomorrow -- the gross domestic product and the employment cost index.
Corporate earnings reports provided the only real spark in the market today. Investors continued punishing the blue-chip companies that failed to impress Wall Street with their profit reports. Procter & Gamble and 3M fell sharply for a second straight day.