Advertisement - Click to support our sponsors.
NEW YORK -- Stocks fell sharply today, as disappointing revenue figures from Nortel Networks reawakened the market's worries about earnings. Dow off 66.59;
Nasdaq tumbles 190Associated Press
Nasdaq fell 190.22, or nearly 5.6 percent, to close at 3,229.57. The Dow Jones industrial average, which alternated between positive and negative territory throughout the day, closed down 66.59 at 10,326.48. The Standard & Poor's 500 index fell 33.23 to 1,364.90.
Decliners beat advancers by a 2-to-1 ratio on the New York Stock Exchange, with 1,898 down, 968 up and 464 unchanged. NYSE volume came to 1.3 billion shares, vs. 1.15 billion yesterday.
The NYSE composite index fell 10.04 to 636.50; the American Stock Exchange index lost 9.63 to 896.23; and the Russell 2000 index fell 12.64 to 475.21.
The Treasury's 10-year note fell 1/2 point, or $5 per $1,000 in face value; its yield rose to 5.68 percent from 5.62 percent late yesterday. The 30-year bond price fell 19/32 point; its yield rose to 5.75 percent from 5.71 percent yesterday.
Investors who had shown signs of relaxing about earnings reports in the past few sessions proved they are still nervous about profits, higher energy costs and an economic slowdown.
Investors sold off Nortel and analysts downgraded the stock after the fiber-optics maker announced disappointing revenues late yesterday. The company, which pulled the Nasdaq lower, blamed its shortfall on a slowdown in optical sales growth, limitations on how fast it could install equipment and inventory glut on the part of its customers.