Updated from 4:12 p.m. EDT
Stocks finished sharply lower Wednesday as the semiconductor group led a broad selloff in technology shares and traders had a tepid reaction to the latest stream of corporate earnings.
The Dow Jones Industrial Average dropped 121.59 points, or 1.09%, to 11,013.18, and the S&P 500 lost 13.92 points, or 1.09%, at 1258.60. The Nasdaq Composite was the hardest hit, falling 38.62 points, or 1.81%, to 2090.24. The 10-year Treasury bond fell 2/32 in price to yield 5.11%, and the dollar rose against the yen and euro.
"The big question now is whether earnings are going to hold up or not," said Edgar Peters, chief investment officer with Pan Agora. "In tightening cycles, there is misplaced optimism when the economy is slowing that earnings wouldn't slow. Today showed the market repricing itself because of earnings disappointment. Volatility from geopolitical concerns and rising oil prices certainly didn't help." ...
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