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NEW YORK -- Stocks fell today as investors, growing even more nervous with the advent of third-quarter earnings reports, again unloaded technology stocks. Dow falls 39
Associated Press
The tech-led Nasdaq composite index fell 62.54, or 1.64 percent, to close at 3,741.22, wiping out an early gain of nearly 65 points.
The Dow Jones industrial average fell 39.22 to 10,808.15 after giving back an early 50-point gain, while the Standard & Poor's 500-stock index was off 9.69 at 1,439.03 and the Russell 2000 index slipped 3.44 to 515.58. Decliners beat advancers by a narrow margin, with 1,579 down, 1,269 up and 475 unchanged on the New York Stock Exchange. Volume came to 985.63 million shares, vs. 1.17 billion on Friday. The NYSE composite index rose 0.14 to 659.48; and the American Stock Exchange index slipped 0.93 to 929.01.
The stock market has generally retreated this month as the end of the third quarter approaches. Many firms have warned that profits will be below expectations because of higher energy costs and a weakened currency in Europe.
"This just highlights that this market has a bit more time to tread water with issues of third-quarter earnings and the lower, more tempered outlook for the economy going forward," said Richard Cripps, chief market strategist for Legg Mason. "Stocks are adjusting, reflecting, discounting or whatever you want to call it to this deceleration of economic growth."
The Treasury's 10-year note was up 1/32 point; its yield fell to 5.84 percent from 5.85 percent Friday. The 30-year bond was up 1/4 point; its yield fell to 5.90 from 5.91 percent Friday.