Advertisement - Click to support our sponsors.
NEW YORK -- Stocks fell sharply today after an earning warnings from Eastman Kodak spooked investors already nervous about third-quarter results. Dow sinks 177 on
Kodak warningAssociated Press
The selloff, the latest of many this month, quickly spread to blue chip and technology stocks, reflecting persistent concerns that higher oil prices, the strong U.S. dollar and slowing economic growth are hurting the bottom lines of many companies.
The Dow Jones industrial average fell 176.83, or 1.6 percent, to close at 10,631.32. The Nasdaq composite fell 52.12, or 1.4 percent, at 3,689.10, and the Standard & Poor's 500 index dropped 11.82 to 1,427.21. Decliners beat advancers with 1,599 down, 1,250 up and 502 unchanged on the New York Stock Exchange, where volume was 1.1 billion shares vs. 985.63 million yesterday. The Russell 2000 index fell 5.49 to 509.89; the NYSE composite index dropped 4.65 to 654.83; and the American Stock Exchange composite index slipped 0.56 to 928.45.
The 10-year Treasury note's price was up point, or $2.50 per $1,000 in face value; its yield fell to 5.80 percent from 5.83 percent late yesterday. The 30-year bonds were up 19/32, or $5.94 per $1,000 in face value, and yielded 5.85 percent, down from 5.89 percent yesterday.
Dow component Kodak warned of disappointing profits, saying its business has been hurt by rising material costs, weakness in the euro, Europe's chief currency, and other factors. The photographic products manufacturer fell $14.63 to $44.38, a 25 percent decline.