Dow Ends End Below 9,000; Off 76.73
NEW YORK (AP) _ Stocks fell sharply today, with a profit warning from Motorola dragging the technology group lower and the Dow Jones industrial average sinking back below 9,000 a day after its first close above that milestone.
The dow was down 76.73 points to close at 8,956.50 today. Earlier in the afternoon, it had had a deficit of nearly 140 points. Broad-market indexes also sank, with the technology-heavy Nasdaq market suffering the heaviest damage.
Declining issues outnumbered advancers by a 7-to-3 margin on the New York Stock Exchange, with 897 up, 2,116 down and 482 unchanged.
NYSE volume totaled 664.12 million shares as of 4 p.m., vs. 623.05 million in the previous session.
The Standard & Poor’s 500-stock list fell 14.29 at 1,107.09, and the NYSE composite index fell 5.42 at 577.75 after closing at a record high for the fourth consecutive session on Monday.
The Nasdaq composite index fell 31.31 at 1,797.83.
The Russell 2000 index of smaller companies fell 7.68 to 474.20, and the small-company dominated American Stock Exchange composite index fell 7.13 at 735.65.
Motorola’s shares plunged more than 10 percent in heavy trading following late Monday’s profit warning _ the second in a month _ by the maker of telecommunications equipment and computer chips.
The Dow, still up more than 13 percent this year, was weighed down by Travelers Group. The financial services giant surged 11 points on Monday amid news of its planned $70 billion merger with Citicorp, which also retreated after surging 37 points on Monday.
Overseas, Tokyo’s Nikkei stock average rose 1.7 percent, Frankfurt’s DAX index rose 1.6 percent and London’s FT-SE 100 slipped 0.2 percent.