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Dow off 75;
Associated Press
Nasdaq sinks 179NEW YORK -- Stocks fell sharply today, led by technology shares, after a new report revealed surprising strength in the economy and suggested that inflationary pressures may not be easing after all.
The Dow Jones industrial average fell 74.96 to close at 10,511.17. For the week, the Dow lost 222.39, or about 2 percent. The Nasdaq composite index slid 179.23, or 4.7 percent, to end at 3,663.00, extending yesterday's 145-point slide and bringing the week's loss to about 431 points or 10.5 percent. The Standard & Poor's 500, meanwhile, fell 29.73, or 2 percent, to close today at 1,419.89, and the Russell 2000 index lost 11.39, or 2 percent, to 490.22.
Decliners beat advancers by a 2-to-1 ratio, with 1,852 down and 930 up and 522 unchanged on the New York Stock Exchange. Decliners beat advancers by an even wider margin on the Nasdaq. NYSE volume totaled just 979.83 million shares, down from 1.15 billion yesterday. The NYSE composite index fell 8.04 tp 639.26 and the American Stock Exchange composite index lost 9.53 to 902.80.
The 10-year Treasury note price fell 9/32 point, or $2.81 per $1,000 security; its yield rose 4 basis points to 6.04 percent. The 30-year bond fell 6/32 point, as its yield rose to 5.79 percent, unchanged from a week ago. Overseas, Japan's Nikkei stock average fell 2.12 percent, Germany's DAX index fell 0.77 percent, Britain's FTSE 100 fell 0.26 percent, and France's CAC-40 fell 1.47 percent.