Skip to main content 21 index tumbled Tuesday as a positive economic report from the nation's service sector failed to inspire confidence in the face of rising long-term interest rates and a dreary employment outlook.

The recovery proxy dropped 22.41 points, or 2.2%, to 1007.96, while the

Dow Jones Industrial Average

suffered a triple-digit loss. In the morning, the Institute of Supply Management reported that its nonmanufacturing index rose unexpectedly in July to 65.1 from 60.6.

That sent the yield on the 10-year Treasury note higher, a trend that was exacerbated by a big sale of notes by the U.S. government. Meanwhile, outplacement firm Challenger Gray & Christmas said planned job cuts soared 43% in July to more than 85,000. At the closing bell, the Dow was down 149.72 points, or 1.63%, to 9,036.32, and the


shed 40.50 points, or 2.36%, to end at 1,673.56.

Continental Airlines


was the biggest loser among the 20 stocks in the index that fell. The shares descended 61 cents, or 4.58%, to $12.70, giving the airline three straight days of losses and its lowest close since June 2.


( SSCC) dropped 66 cents, or 4.39%, to $14.36,

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sank $1.83, or 4.36%, to $40.18 and



was down 37 cents, or 4.25%, to $8.33.



hit its lowest close since June 13, down 96 cents, or 3.12%, to $29.82, as investors showed signs of reticence towards the Internet's Big 3.



was the lone winner on the battlefield. The freight logistics company delivered a solid earnings report, silencing critics and meeting expectations. Its stock rose $2.04, or 5.91%, to $36.56 after it reported second-quarter net income up 18% to $27.9 million, or 26 cents a share.

Despite the bleeding, the index remains up 7.96 points, or 0.8%, from its July 3 start at 1000.

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