Stocks Tumble on Slowdown Fears
Stocks resumed their downtrend on Wednesday, falling sharply on fears of an economic slowdown and rising tensions in the Mideast.
With earnings warnings from the likes of EMC
Intel
Network Appliance
Microsoft
The Nasdaq tumbled 38 to 2090, the S&P 500 fell 14 to 1258, and the Dow lost 121 to 11,013. Volume declined to 2.25 billion shares on the NYSE, and 1.86 billion on the Nasdaq. Decliners led 22-10 on the NYSE, and 22-7 on the Nasdaq. Downside volume was 78% on the NYSE, and 79% on the Nasdaq. New highs-new lows were 64-119 on the NYSE, and 49-105 on the Nasdaq.
Infosys
Secure Computing
, AMD
, Lucent
and 3M
already weighing on the market, investors were reluctant to hold stocks before earnings season swings into high gear next week.
, which will report its quarterly earnings July 19, led the Dow lower with a 4% loss.
and Apple
were also big losers in the tech sector. NetApp fell 7% on accounting concerns, while Apple lost 5% on negative comments from Credit Suisse. Dell
dropped 4% on a UBS downgrade.
slumped 2% on an EU antitrust fine.
and Intergraph
rose on their results.
plunged on a warning and acquisition. Tut Systems
also fell on a warning.