Stocks Drop After Monday's Historic Close

Markets are awaiting any moves from the FOMC, which is meeting today.
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The

Dow Jones Industrial Average

tumbled early on after

yesterday's historic close above 10,000, while the rest of the market's major averages also opened on the downside.

The Dow was down 132 to 9875. Dow component

Coca-Cola

(KO) - Get Report

, which yesterday said it expects worldwide sales to drop up to 2% in the first quarter, was down 3, or 5%, to 61 13/16. The beverage titan also said it doesn't expect to meet its 7% to 8% annual volume growth target in 1999.

Meanwhile in Washington, the

Federal Open Market Committee

is meeting. The FOMC is expected to stand pat on short-term interest rates.

The

S&P 500

was down 15 to 1296. The

Nasdaq Composite Index

was down 15 to 2478. The

Russell 2000

was down 2 to 398.

TheStreet.com Internet Sector

index was down 4 to 650.

TheStreet.com E-Commerce Index

was down 2 to 111.

The 30-year Treasury bond was up 13/32 to 94 24/32, yielding 5.62%.

Most Up at Open -- NYSE

Vodafone (VOD) - Get Report, up 2 13/16 to 181 1/4

.

Most Up at Open -- Nasdaq

AboveNet (ABOV) , up 13 1/8 to 94

: The company set a 2-for-1 stock split.

Most Down at Open -- NYSE

EMC (EMC) , down 2 to 127 5/8

.

Most Down at Open -- Nasdaq

Avid Technology (AVID) - Get Report, down 6 5/8 to 17 3/4

: The company restated third-quarter results to a net loss of 89 cents a share from a loss of $5.97 a share.

Prudential Securities

downgraded the stock to hold from accumulate.