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NEW YORK -- Stocks fell sharply today, pulling the Nasdaq composite index below 3,000 for the first time in more than a year, after Hewlett-Packard became the latest high-tech company to announce disappointing earnings. Bargain hunting late in the session helped offset some of the losses. Dow loses 85.7;
Nasdaq closes
below 3,000Associated Press
The slide continued a downturn triggered last week by a series of bleak earnings reports and forecasts. Analysts, saying volatility remains the only constant on Wall Street, cautioned against reading too much into the late rebound, which sent the Nasdaq briefly into positive territory.
The technology-dominated Nasdaq composite index closed down 62.27, or 2 percent, at 2,966.72, after tumbling 169 points and losing nearly 5.6 percent of its value early in the session. The last time the Nasdaq traded -- and closed -- below 3,000 was Nov. 2, 1999. Blue chips also suffered. The Dow Jones industrial average fell 85.70 to 10,517.25. Earlier in the session the Dow was off 232 points or 2.19 percent. The Standard & Poor's 500 index closed down 14.72 at 1,351.26.
Decliners led advancers by roughly 4-to-3 with 1,652 down, 1,202 up and 453unchanged on the New York Stock Exchange, where volume came to 900.04 million shares, ahead of the 767.8 million Friday. The NYSE composite index slipped 7.39 to 639.05; the American Stock Exchange composite index dropped 9.15 to 890.20; the Russell 2000 index fell 4.35 to 476.55.
The 10-year Treasury note's price was up 5/32 point, or $1.56 per $1,000 in face value, at midday; its yield fell to 5.76 percent from 5.78 percent late Friday. The 30-year bonds were up 16/32 point and yielded 5.83 percent, down from 5.87 percent late Friday.