Updated from 3:22 p.m. EST
Dow Jones Industrial Average ended with a triple-digit loss, and word that
is increasingly comfortable with its fourth-quarter performance wasn't enough to carry tech stocks to a higher close Tuesday.
The Dow lost 110.15 points, or 1.1%, to 9872.60. The
Nasdaq fell 5.26 points, or 0.3%, to 1935.97, and the
S&P 500 was off 7.92 points, or 0.7%, at 1149.50. Blue-chips struggled for the entire session after a disappointing reading on consumer confidence.
Intel told a technology conference in Arizona that it is more comfortable about achieving its fourth-quarter revenue targets, although the chipmaker noted the quarter is still a month from ending. The company had previously said it was targeting revenue of $6.2 billion and $6.8 billion for the period.
Overseas, European stocks were lower across the board, with London's FTSE 100 finishing down 0.7% at 5266, and Germany's Xetra DAX off 1.1% at 5060. Japan's Nikkei lost 1% overnight to 10,949 while Hong Kong's Hang Seng fell 1.1% to 11,262.
The Conference Board said consumer confidence was weaker than expected in November, falling to 82.2 from a revised level of 85.3 the previous month. Economists, on average, were expecting a reading of 87.9.
posted a third-quarter loss of 25 cents a share, beating analysts' expectations. Net sales dropped 2.2% to $8.02 billion from $8.20 billion in the year-ago quarter. The stock lost 44 cents, or 6.4%, to $6.41.
warned that its fourth-quarter profits will fall well short of Wall Street's forecasts. The apparel chain said it expects earnings of 35 cents to 45 cents a share, compared with the consensus estimate of 70 cents a share. The company's shares fell $2.79, or 12.3%, to $19.97.
was on the move as a result of its positive comments concerning 2002 sales expectations. The company forecast annual sales growth of about 15% for 2002 and said that 420 million to 440 million cell phones will be sold worldwide. Despite the outlook, Nokia fell $1.49, or 5.9%, to $23.75.
One bright spot was
Level 3 Communications
, which jumped after the company signed a services deal with America Online, a division of
AOL Time Warner
. Level 3 advanced 86 cents, or 15.1%, to $6.56.
had its credit rating lowered to negative from stable by Fitch as theme park attendance has dropped significantly since Sept. 11. Disney's shares shed 33 cents, or 1.5%, to $21.06.
Meanwhile, Defense Secretary Donald Rumsfeld said 1,000 U.S. Marines will be in place near Kandahar in a few days to hunt down Osama bin Laden and his terrorist network. In Germany, delegates from four anti-Taliban groups have convened to discuss their plans for governing Afghanistan.
Around 4 p.m. EST, the 10-year Treasury was gaining 19/32 to 100 15/32, yielding 4.94%.