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Dows falls 121.62
Associated PressNEW YORK -- Stocks fell today as traders took profits from a runup in technology shares, sending the Nasdaq composite index back below 4,000 points.
The Dow Jones industrial average fell 121.62, or 1.2 percent, to close at 10,376.12, while the Nasdaq composite index was down 127.17, or 3.3 percent, at 3,936.84
The Nasdaq had breached the 4,000-point barrier two days ago for the first time in more than two months.
But selling in technology shares today spread to other sectors, bringing the overall market lower. Decliners outnumbered advancers by an 11-to-6 margin on the New York Stock Exchange, with 1,862 down, 993 up and 504 unchanged. Volume came to 1.01 billion shares on the Big Board, down slightly from 1.3 billion yesterday. The Standard & Poor's 500 index was off 26.95 at 1,452.18, the NYSE composite index lost 7.44 to 641.54, the American Stock Exchange composite index fell 5.31 to 932.91 and the Russell 2000 index was down 12.59 at 515.02.
The 30-year Treasury bond rose 1/32, or 31 cents per $1,000 face amount, as its yield fell 1 basis point to 5.96 percent.
Tech shares that gave up ground included Micron Technology Inc., which fell $5.75 to $85 as traders worried that the chip maker's earnings, due after the close of trading, might fall short of expectations. It later reported earnings per share of 47 cents, 13 cents better than analysts' expectations.
Mobile phone maker Nokia Corp. was down $5.12 to $55.87 on rumors that it was buying telecom technology company Qualcomm Inc. Qualcomm's shares rose $3.75 to $68.25. Neither company immediately returned calls seeking comment.