Stocks Close Broadly Lower as Tech Sector Gets Slammed - TheStreet

Stocks Close Broadly Lower as Tech Sector Gets Slammed

The bond market fell ahead of key data later in the week.
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George Orwell

would probably describe today as "doubleplusungood." The market is a negative utopia. Time for the

Two Minutes Hate

. The

Dow Jones Industrial Average

: down 184.90. The

Nasdaq Composite Index

: down 71.04. The 30-year Treasury bond: down 18/32.

TheStreet.com Internet Sector

index: down 31.97.

Make that "tripleplusungood."

Many blue-chippers committed stock crime and pulled the Dow down.

IBM

(IBM) - Get Report

added 29 to the Dow loss, while

J.P. Morgan

(JPM) - Get Report

added 22.

Like the loud, the smelly and the stupid,

Intel

(INTC) - Get Report

got a lot of attention but wasn't very popular. The stock fell 4 5/8 to 72 1/8 on 60 million shares, most traded on the

Nasdaq Stock Market

, after releasing disappointing earnings.

Intel's drop helped pull down the techs. The

Philadelphia Stock Exchange Semiconductor Index

was off 13.32 to 509.64, while the

Philadelphia Stock Exchange Computer Box Maker Index

was off 7.05 to 292.56. The

Morgan Stanley High-Tech 35

was off 31.40 to 1237.00.

Poor

Abercrombie & Fitch

(ANF) - Get Report

! It was the heaviest-traded Nasdaq issue for most of the day, losing 6 3/16, or 19%, to 26 5/16 on news October's sales were off. Clean-cut amateur wrestlers and wholesome undergrads turned up the

Dave Matthews Band

and tried not to riot.

Market Internals

No kisses today. The market had bad breadth. Losers doubled up on the winners on the Big Board while the Nasdaq looked nearly as bad.

New York Stock Exchange:

938 advancers, 2,021 decliners, 620 million shares. 14 new 52-week highs, 265 new lows.

Nasdaq Stock Market: 1,335 advancers, 2,424 decliners, 750 million shares. 44 new highs, 111 new lows.

Sector Watch

Look at all those bodies on the battlefield. Few sectors were up, and those that were weren't up much. Casualties were heavy.

Brokers were broke. Flat broke. The

American Stock Exchange Broker/Dealer Index

was off 13.23 to 366.82.

Suits sank. The

S&P Insurance Index

was off 16.86 to 525.39, while the

Philadelphia Stock Exchange/KBW Bank Index

was off 25.32 to 743.31.

Pill poppers and chain smokers were off. The

American Stock Exchange Pharmaceutical Index

was off 7.30 to 372.30, while the

American Stock Exchange Tobacco Index

was off 5.65 to 248.94.

Automobiles and other transportation crashed. The

Chicago Board Options Exchange Automotive Index

was off 4.82 to 292.00 and the

Dow Jones Transportation Index

was off 39.98 to 2921.51.

E-stocks stunk.

TheStreet.com E-Finance Index

fell 2.00 to 60.00 and

TheStreet.com E-Commerce Index

fell 4.17 to 103.55.

Bonds/Economy

The bond looked OK in the morning, but as the day wore on the bond wore down. It fell 18/32 today. It's been down a lot lately. Why? One part of it is concern over a handful of economic indicators, notably tomorrow's September

retail report

and Friday's

Producer Price Index

.

International

Europe was down again. France's

CAC

slipped 55.69, or 1.2%, to 4602.85. Germany's

Xetra Dax

lost 63.03, or 1.2%, to 5295.43. London's

FTSE

fell 61.4, or 1%, to 6113.4.

Asia was worse. Hong Kong's

Hang Seng

lost 283.48, or 2.2%, to 12,475.87, and Tokyo's

Nikkei

sank 336.32, or 1.9%, to 17,754.49.

Currencies

One dollar American was worth 106.63 Japanese yen. The euro slipped, worth $ 1.07. And if you're planning a trip to Ljubljana, rejoice! The dollar was worth 182.92 Slovenian Tolars.

Earlier...

3:10 p.m.: Stocks See Red in a Bloody Selloff

Peter Gabriel

sang about red rain and how it fell down all over him.

U2

sang about Sunday bloody Sundays.

UB40

sang about red, red wines. The market should follow suit and sing about red, red stocks that fall on a Wednesday bloody Wednesday. The

Dow Jones Industrial Average

was off 86. The

Nasdaq Composite

was terrible, giving in 49 today and down more than 90 since hitting a new record two days ago. The bond has been weak all day. Mid-caps and small fries have been fried all day. And the techs? The techs are terrible, too.

2:08 p.m.: Losses Mount as Internet Sector Continues to Suffer

All red today. Everything is down and not looking pretty. After coughing up 200-plus yesterday, the

Dow Jones Industrial Average

was off 105. The

Nasdaq Stock Market's

record from a few days ago seems like a fantasy. It was off 51.

TheStreet.com Internet Sector

, which can be a savior on a rotten day, lost its cape along with its nerve and was down 2%.

1:15 p.m.: Midday Musings: Stocks Retreat as Bond Yields Swell to Highs

12:06 p.m.: Nasdaq Struggles to Climb From Its Session Lows

The

Nasdaq Composite Index

was trading modestly off its lows as a sourness pervaded the market as stocks overall slumped.

10:57 a.m.: Stocks Tumble as Tech Sector Drops After Intel Earnings

Intel's

(INTC) - Get Report

failure to meet or exceed Wall Street earnings estimates when it posted its quarterly profit report yesterday was helping depress the tech sector as the market overall was slumping.

9:54 a.m.: Intel Earnings Depress Nasdaq at the Open

Unsurprisingly, the fact that

Intel

(INTC) - Get Report

missed earnings estimates with its profit report yesterday was taking its toll on the

Nasdaq Composite Index

, as the tech-heavy index was the biggest loser so far among major stock proxies.