NEW YORK >> An earnings warning from Juniper Networks sent stocks tumbling today in a selloff exacerbated by computer problems that shuttered the New York Stock Exchange for much of the morning. Trading halt, Juniper
warning plague stocksAssociated Press
NYSE trading resumed at about 11:35 a.m. for most stocks, though some companies did not start trading until early afternoon.
The Dow Jones industrial average fell 113.74 to close at 10,977.00 for a 1 percent loss. Prior to the NYSE's reopening, the Dow, which consists primarily of NYSE stocks, had slipped about 36 points. The Nasdaq composite index fell 48.90 to 2,215.10, a 2.2 percent decline, while the Standard & Poor's 500 index lost nearly 1 percent, off 12.00 at 1,264.96.
Decliners led advancers 6 to 5 on the NYSE, with 1,720 down, 1,290 up and 217 unchanged. Volume was 721.65 million shares vs. 1.08 billion yesterday -- a disparity reflecting the NYSE's earlier problems. It was the lightest day of trading on the NYSE this year.
The NYSE composite index fell 4.01 to 641.80, the American Stock Exchange composite index gained 1.46 to 934.95 and the Russell 2000 index was off 3.13 at 511.84. The 10-year Treasury note fell 9/32 to 97 9/32; its yield rose 4 basis points to 5.36 percent. The 30-year bond fell 5/32 to 94 26/32; its yield rose 1 basis point to 5.74 percent.
The NYSE had opened for business as usual at 9:30 a.m. today, but halted trading at about 10:10 a.m. because of a failed software installation that was affecting trading in about half of the exchange's 3,500 listed stocks.
The Nasdaq Stock Market and other exchanges remained open throughout the NYSE's problems, but volume was light until the NYSE reopened.
Juniper Networks fell $8.62 to $38.01 on news it was lowering its forecast for second-quarter results and cutting 8 to 9 percent of its work force because of sluggish demand for its networking products.
Investors also sent Intel lower, even though it said it expects to meet earnings forecasts. The chip maker fell 28 cents to $30.86.