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NEW YORK -- Technology stocks plummeted today, carrying the rest of the stock market lower, as investors reacting to a series of earnings warnings decided to take profits from the market's recent rally. Dow falls 39.22
Associated Press
The Nasdaq composite index closed down 119.94 at 3,978.41. The Dow Jones industrial average was down 39.22 at 11,220.65 and the Standard & Poor's 500 index fell 8.01 to 1,494.50.
The declines more than erased the gains made during a tumultous week on Wall Street, where investors first abandoned tech stocks for blue chips and then completely changed their strategies. Among other indexes, the New York Stock Exchange composite rose 0.24 to 675.73, the American Stock Exchange composite fell 6.26 to 967.92 and the Russell 2000 lost 7.12 at 535.70.
Decliners outnumbered advancers by a 5-to-4 margin on the NYSE, with 1,304 up, 1,514 down and 507 unchanged. Volume was 965.82 million shares compared with 978.25 million yesterday.
U.S. Treasuries rose for the first time this week. The 10-year note rose , or $1.25 per $1,000 face amount, to a price of 100, leaving it down for the week, the first weekly drop since July 28. The yield fell 2 basis points to 5.73 percent. The 30-year bond rose 7/32 to 107 26/32. Its yield fell 1 basis point to 5.70 percent.
A warning from Gadzoox Networks pushed its shares down $2.06, or 20 percent, to $8.25 on the Nasdaq.
Automotive parts maker TRW's stock fell nearly 10 percent early in the day on its profit warning but ended off only $1.44, or 3.2 percent, at $43.81.