The Dow Jones Industrial Average slid well into negative territory after bouncing around over the break-even line most of the day. It ended off 39 to 10,808.
Nasdaq followed the Dow's lead after making some earlier gains and was off 63 to 3741.
Earlier today, it had looked like tech stocks were rebounding after the pummeling they received following
earnings warning last week. Intel ended 5.4% lower to $45.38. Other tech blue-chips also weighed down the Dow, with
all on the negative side.
The Dow was almost evenly divided on positives and negatives, so tech stocks weren't completely to blame for the fall-off.
was down $1.44 to $54.50, after
Chase Hambrecht & Quist
cut the stock's price target to $65 from $70. Home Depot also declined to comment on rumors that it was making a bid for all or part of British retailer
Meanwhile, the Nasdaq was getting negative pull from
, after U.S. regulators said that they would not approve its lead drug Aptosyn, which is used to treat a severe hereditary form of colon polyps. It sank 69%, losing $20.69 to $9.31. Also,
tumbled after it warned that its third-quarter earnings would not meet expectations.
Even as the Comp continued to slide, some tech heavyweights, including
, held steady on the upside, countering the downward momentum.
Semiconductors reeled from last week's earnings warning from
Philadelphia Stock Exchange Semiconductor Index
was down 5%. Components
were all feeling sympathy pains.
The comeback kid seemed to be the
Philadelphia Stock Exchange Oil Service Index
, which was up 0.7%. At midsession, the sector had been down about 2%. It was getting some lift off components
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Treasuries are under pressure following a stronger-than-expected
existing home sales
In addition, foreign governments that participated in Friday's
joint intervention in the currency market to boost the value of the euro are thought to be liquidating Treasuries to finance those purchases, which will settle this week. Treasuries are a main asset of central banks.
The benchmark 10-year note lately unchanged at 99 9/32, yielding 5.846%.