Dow 10,000 is definitely but a memory for now, as the blue-chip

Dow Jones Industrial Average

fell below 9700 this afternoon and was recently trading at its session lows.

The Dow was down 191 to 9699. The

S&P 500

was down 32 to 1265. The

Nasdaq Composite Index

was down 63 to 2333. The

Russell 2000

was off 9 to 384. Internet Sector

index was down 30 to 603. E-Commerce Index

was down 5 to 109.

The 30-year Treasury bond was down 2/32 to 95 9/32, yielding 5.58%.

In other fixed-income news,


(T) - Get Report

issued $8 billion of debt today. AT&T's stock was down 7/8 to 76 7/8.


Dow Jones Transportation Average

was down 2%.

Fears that earnings won't live up to Wall Street's expectations has contributed to the market's selloff today.

On the

New York Stock Exchange

, decliners were beating advancers 2,295 to 604 on 530 million shares. On the

Nasdaq Stock Market

, losers were beating winners 2,797 to 996 on 648 million shares.

On the NYSE, 112 issues had set new 52-week lows while 14 had touched new highs. On the Nasdaq, 93 issues had set new lows while new highs totaled 21.

Most active on the Big Board was

America Online


, with 27 million shares changing hands. It was down 7 1/8 to 122 7/8.

On the Nasdaq,


(DELL) - Get Report

was most active, with 35 million shares changing hands. It was down 1 9/16 to 36 5/16

1:07 p.m.: Midday Musings: Earnings Worries Slash Stock Prices

11:59 a.m.: Stocks Remain Mired in Negative Territory

A little bad news here, a little bad news there, and what had been a sloppy market began to look plain ugly.

The first thing that people will cite when they try to explain away why the market dropped will be the departure of

U.S. special envoy Richard Holbrooke

from Belgrade and the breakup of the Kosovo peace talks. Then there is


(T) - Get Report

upping its bond offering to $8 billion -- that's weighed on the Treasury market, and that, in turn, has weighed on stocks. Add to that continued weakness in tech, rumors that a major bank will miss its first-quarter numbers, on-the-fact selling in oils after the


meeting, reduced earnings estimates for


(KO) - Get Report

. . .

Okay, you get the point -- there are all kinds of excuses getting bandied about for today's selling. Which suggests what's really happening is the market simply went a little too far and is letting off some air. "I think what happened is we're getting a lot of profit taking going into the end of the quarter," said Jim Volk, co-director of institutional at trading

D.A. Davidson

. "This is not unhealthy. This is only 2% or 3% off the top."


Dow Jones Industrial Average

was down 155, or 2%, to 9736. After buyers attempted to take it higher at 1290, 1285, 1280 and 1275, the

S&P 500

finally found support at 1270. It was lately off 26, or 2%, to 1271. Small stocks were getting hammered -- the

Russell 2000

was off 7, or 2%, to 386.

Tech Focus

Tough times in tech, where the selling has continued. The

Nasdaq Composite

was off 51, or 2%, to 2345. Internet stocks have been one of the bright spots in the market lately, but are not today. Internet Sector Index

was off 22, or 3%, to 612.

But for all the selling, there really isn't too much going on in the sector other than a continuation of recent weakness. "There aren't any big company stories," said one tech trader. "It's just all futures stuff. It's not a very busy day."


Justin Lahart

10:58 a.m.: Stocks Fall Further Into the Red

Losses aren't catastrophic for major market proxies, but it's not pretty on Wall Street this morning. Just about everything that can go wrong has.





(T) - Get Report

upped its corporate bond offering (expected to price today) to $8 billion from an already huge $7 billion. Then, several sources reported

U.S. special envoy Richard Holbrooke


Yugoslav President Slobodan Milosevic

have ended their talks in Belgrade without making a deal. (Maybe we should send

Monty Hall


The prospect of


action (a.k.a. war) over the Kosovo crises is looking increasingly unavoidable. In reaction to both news items, the price of the 30-year Treasury bond (up as much as 8/32 early this morning) was lately down 1/32 to 95 11/32, its yield rising to 5.57%.

After an unsteady opening, stocks have since turned noticeably southward. Heck, even

America Online


is down.

AOL, which pretty much rose unabated from 76 1/2 on Feb. 17 to 130

yesterday (setting a series of new highs in the process) was lately down 6% to 122 3/16. In reaction, Internet Sector

index was recoiling from its record close yesterday, down 26 to 607. E-Commerce Index

was off 4 to 110.

With technology stocks of all stripes following AOL's lead, the

Nasdaq Composite Index

was lately down 52 to 2344.

More (how shall we say it?) "mature" indices were also stumbling this morning. The

Dow Jones Industrial Average

was lately off 142 to 9747.


(KO) - Get Report

was among the biggest Dow decliners after

Merrill Lynch

cut earning estimates on the beverage giant.

Other big Dow losers include

General Electric

(GE) - Get Report






S&P 500

was lower by 24 to 1273 thanks to weakness in nearly every leading industry group. Crude prices and energy stocks were retreating in a classic "buy the rumor, sell the news" trade.


members agreed to cut production by a little over 1.7 million barrels a day. Combined with cuts by non-OPEC oil producers, production will be trimmed by 2.1 million barrels per day. But energy stocks had rallied sharply in anticipation of the deal, which had been telegraphed by OPEC ministers.


Philadelphia Stock Exchange Oil Service Index

was lately down 3%.

"It isn't looking that bad yet, but they're starting to get weaker now," said Jim Volk, co-head of institutional trading at

DA Davidson

. "People are really getting spooked on tech stocks and tech numbers.

Also banks stocks are getting crashed here again."

Volk said he'd heard rumblings on


about financial stocks forecasting disappointing earnings. Before the market opened,

Maria Bartiromo



(FNV) - Get Report

may wave the red flag, although newswires have not reported anything as yet. The stock was recently down 5%.


Philadelphia Stock Exchange/KBW Bank Index

was lately down 2% and the

American Stock Exchange Broker/Dealer Index

was off 4%.

"It's a combination of the fact tech got kicked in the teeth last Thursday and Friday and it carried over yesterday, plus the Serbian stuff and people taking profits," Volk said. "Are we setting ourselves up for a correction? It's acting like they really want to hit 'em. No one can deny the market is ahead of itself."


Aaron L. Task

9:55 a.m.: Stocks Tumble at the Open

Stocks were softer early on as the blue-chip

Dow Jones Industrial Average

continued its drift further and further away from the 10,000 level.

The Dow was down 61 to 9829. The

S&P 500

was down 9 to 1288. The

Nasdaq Composite Index

was down 9 to 2387. The

Russell 2000

was down 2 to 391. Internet Sector

index was down 3 to 630. E-Commerce Index

was down 1 to 114.

The 30-year Treasury bond was up 2/32 to 95 14/32 yielding 5.56%.

Most Up at Open -- NYSE

Elan (ELN) , up 1 1/16 to 72 7/8


Most Up at Open -- Nasdaq

@Home (ATHM) - Get Report, up 4 1/8 to 144 1/8


Most Down at Open -- NYSE

Chase (CMB) , down 1 7/8 to 80


Most Down at Open -- Nasdaq

PathoGenesis (PGNS) , down 22 7/8 to 11 7/8

: The company yesterday warned it expects to report a first-quarter loss of 30 cents a share, a mile away from the earnings of 20 cents expected by the

First Call

six-analyst consensus.


Brian Louis