Stocks Close Lower After Broad Decline - TheStreet

Stocks Close Lower After Broad Decline

Market internals were wretched.
Publish date:

Today hurts. Not as much as medical treatments during the pre-Renaissance era, but it hurts. The

Dow Jones Industrial Average

fell 231.12 to 10,417.06. Internet Sector

index plummeted 21.23 to 724.18, dragging the

Nasdaq Composite Index

with it. The bond has gotten stronger as the day dragged on, but still, it finished down 14/32.

Those of you out there who own a lot of blue-chippers can send hate mail to

United Technologies

for dragging the Dow down. Then cc: it to


(IBM) - Get Report


Hewlett Packard



American Express

(AXP) - Get Report


Because roller coasters aren't exciting enough lately,


(VO) - Get Report

Universal Studios


America Online


have agreed to join forces to provide AOL kiosks to visitors at Universal Studios'

Islands of Adventure

theme park, according to

The Wall Street Journal

. AOL was down 4 5/16 to 116 3/4. VO was down 7/8 to 43 1/4.

Market Internals

Internals were horrifying. Don't look.

New York Stock Exchange:

847 advancers, 2,159 decliners, 772 million shares. 36 new 52-week highs, 219 new lows.

Nasdaq Stock Market: 1,498 advancers, 2,401 decliners, 992 million shares. 112 new highs, 84 new lows.

Sector Watch


Philadelphia Stock Exchange Forest & Paper Products Index

rose 1%. The sector, which is down 13% since Sept. 13, is undervalued and moved on solid earnings news from

Willamette Industries

(WLL) - Get Report



(WY) - Get Report

and heavyweight

International Paper

(IP) - Get Report


Willamette rose 1 11/16, or 4%, to 43 3/16 after announcing diluted third-quarter earnings of 73 cents a share, which destroyed last year's 32 cents a share. Weyerhauser rose 3/4, or 1%, to 60 3/16 on news its diluted third-quarter earnings number was $1.18 a share, which more than doubled last year's 55 cents a share. Blue-chip International Paper reported diluted third-quarter earnings of 46 cents a share, crushing their year-ago 20 cents and besting the 13-analyst estimate of 40 cents.

Like the lights at

Jacobs Field

, home of the

Cleveland Indians

, a bunch of sectors were off. The

Dow Jones Transportation Average

skidded 2%. The

Philadelphia Stock Exchange Phone Index

fell 3%. The

American Stock Exchange Airline Index

crashed 2%. Last but not least, E-Finance Index

dropped 3%.


The 30-year Treasury bond has a yield of 6.23%, which has been inching higher over the past months. Today the long bond fell 14/32 to 98 18/32. Investors had a lot on their minds, waiting for some key economic reports, like Thursday's

retail report

for September, Friday's

Producer Price Index

and next week's release of the

Consumer Price Index



In Europe, major markets stumbled. London's


dropped 1% to 6174.80, while France's


fell 1.4% to 4658.54 and Germany's


was off 1% to 5358.46.

In Asia, key markets there were mixed. Hong Kong's

Hang Seng

tumbled 233.37 to 18,090.81. Meanwhile, traders in Japan returned to work after the long weekend. The


closed slightly higher to 12,759.35 ahead of the

Bank of Japan's

policy board meeting tomorrow.


The dollar was recently quoted at 106.26 yen, 0.93 euros and 1,798.08 Italian lira. That's a whole lotta marinara.


3:20 p.m.: Nasdaq Still Sliding in the Final Hour

Poor little

Nasdaq Composite Index

. It needs a hug. Yesterday it was on top of the world, setting a record; today it got punched right in the love muffins, falling 19.89 to 2896.06. The

Dow Jones Industrial Average

was doing its best

Medic Alert

impersonation. It fell down 162.42 and couldn't get up.

2:10 p.m.: Nasdaq Down After Yesterday's Record Close

Tough day. It looks like the market sat too close to the tanning lights, because everything was red and throbbing. Especially the

Nasdaq Composite Index

, which went for

George Hamilton

hanging out in Hollywood and ended up like

Alexander Hamilton

on vacation in Rio.

1:17 p.m.: Midday Musings: Tyranny of Interest Rates Continues Tight Grip on Market

11:55 a.m.: Dow Leads on the Downside

American Express

(AXP) - Get Report

was earning the distinction of being the biggest drag on the

Dow Jones Industrial Average

as the blue-chip average was pacing major stock proxies on the downside.

11:07 a.m.: Stocks Drop Amid a Slew of Earnings Reports

Stocks were tumbling this morning amid a slew of corporate earnings reports.

9:56 a.m.: Stocks Open Mostly Lower as Bonds Tumble

Stocks were mostly slumping early on as a stream of earnings news poured over the market and bond traders were doing a little damage on the 30-year Treasury bond after taking yesterday off.