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NEW YORK -- A selloff of blue chip and tech issues pushed stocks sharply lower today, sending the Dow Jones industrial and Nasdaq composite index falling more than 100 points apiece as corporate profit warnings again preoccupied the market. Dow off 118.5
Associated Press
With less than two weeks left in the third quarter and anxiety about earnings increasing, investors had little tolerance for companies that even hinted at disappointing results.
The Dow closed down 118.48, or 1 percent, at 10,808.52. On Friday, the Dow fell more than 160 points amid concerns about oil prices and company profits. Broader stock indicators also fell today. The Nasdaq dropped 108.71, or 2.8 percent, to 3,726.52, and the Standard & Poor's 500 index fell 21.30, or 1.5 percent, to 1,444.51.
The Nasdaq is off nearly 12 percent since Sept. 1, when it had its most recent high close, 4,234.33. The Dow, meanwhile, is off about 4.4 percent since it reached 11,310.64 on Sept. 6 and the S&P is off 5 percent since it reached 1,520.77 on Sept. 1. Decliners beat advancers today by a about a 4-to-1 margin on the New York Stock Exchange, with 2,215 down, 683 up and 440 unchanged. Volume was 960.65 million shares, well below the 1.23 billion shares Friday. The NYSE composite index fell 9.64 to 659.78; the American Stock Exchange composite index slipped 11.08 to 960.78; and the Russell 2000 index was off 14.20 at 516.68.
The 10-year Treasury note's price was down 7/32 point; its yield rose to 5.87 percent from 5.83 percent late Friday. The 30-year bonds were down 24/32 point and yielded 5.95 percent, from 5.90 percent Friday.