NEW YORK (AP) — Wall Street stumbled again yesterday as growing concerns over technology companies led jittery investors to pull money out ahead of this week’s earnings reports.
The market has been vulnerable to erratic trading lately, with investors cautious about the direction of the economy and companies’ results. The tech sector so far has been knocked down the most, after Apple Inc.’s and Intel Corp.’s outlooks last week fell below expectations.
Blue chip stocks were also dragged down by a Wachovia analyst’s downgrade of Boeing Co.; the analyst cited possible aircraft order delays from the manufacturer.
The Dow Jones Industrial Average fell 88.37, or 0.70 percent, to 12,477.16 — the biggest one-day drop since Nov. 27, when the index fell by 158 points. Earlier in the session, the Dow was down 114 points.
Broader stock indicators also dropped. The Standard & Poor’s 500 index fell 7.55, or 0.53 percent, to 1,422.95, and the Nasdaq Composite Index lost 20.24, or 0.83 percent, closing at 2,431.07. The Russell 2000 index of smaller companies was down 7.20, or 0.92 percent, at 777.96.
Bond prices rose, though investors’ hopes for an interest rate cut have dwindled in response to upbeat economic data.
The yield on the benchmark 10-year Treasury note edged lower to 4.76 percent from 4.78 percent late Friday.
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