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NEW YORK -- An earnings disappointment from Cisco Systems sent most stocks falling today, especially the high-tech issues that remain most vulnerable to profit concerns. Dow falls 10.7
Associated Press
"Technology is definitely the black plague today. It looks horrible," said Gary Kaltbaum, technical analyst at J.W. Genesis.
The Dow Jones industrial average fell 10.70 to 10,946.72. The Dow's tech components were largely responsible for the loss, while the average's drug and consumer products stocks mitigated the damage. The Nasdaq composite index ended a heavily traded session down 56.67, or 2.13 percent, at 2,607.82. The broader Standard & Poor's 500 index declined 11.37 to 1,340.89. Advancers barely beat decliners on the New York Stock Exchange, with 1,616 up, 1,457 down and 208 unchanged. Volume was 1.15 billion shares, up from 1.05 billion yesterday. The NYSE composite index slipped 2.66 to 659.60; the American Stock Exchange index rose 2.38 to 938.98; and the Russell 2000 index rose 1.32 to 507.08.
The 10-year Treasury note's price was down 8/32 point, or $2.50 per $1,000 in face value; its yield rose to 5.21 percent from 5.18 percent late yesterday. The 30-year bonds were up 17/32 point and yielded 5.53 percent, up from 5.50 percent yesterday.
Today's high-tech losers fell on a disappointing earnings announcement late yesterday from bellwether Cisco.
The world's leading maker of Internet networking equipment plunged 13 percent, or $4.69, to $31.06 after missing Wall Street's expectations for the first time in more than six years.