Updated from 4:29 p.m. ESTStocks fell for a second straight day Tuesday, with the Nasdaq reaching its lowest close of the year amid a broadening selloff. The Nasdaq closed at 1995.16, down 13.62 points, or 0.68%. At one point, it reached 1987.29, a new intraday low for 2004. The previous low close was 2005.44, recorded on Feb. 24. The Dow Jones Industrial Average lost 72.52 points, or 0.69%, to 10,456.96, while the S&P 500 was down 6.63 points, or 0.58%, to 1140.57. Volume on the New York Stock Exchange approached 1.5 billion shares, while almost 2.1 billion shares changed hands on the Nasdaq. Decliners outnumbered advancers by about 2 to 1 on both indices. "The weakness is coming from people who are rotating out of cyclical, high-beta areas and into defensive positions," said Sam Stovall, a senior investment strategist at Standard & Poor's. "I think this is a shorter-term move, because in terms of growth, we're still looking for technology to be the best-performing sector, showing a 58% year-over-year increase in operating earnings." "I think it's a little bit too early just yet to say that it's time to become bearish," he added. Weighing on the Nasdaq were some of its bigger-capitalization names: Amazon ( AMZN), down 1.8%; Juniper ( JNPR), down 2.3%; and Biogen ( BIIB), down 2.3%. Garmin ( GRMN), a $4.6 billion market-cap maker of geopositioning devices that was written about negatively in Barron's, fell for a second day, off $2.45, or 5.5%, to $42.36. Despite broad weakness, the Philadelphia Semiconductor Index gained 0.2% following Monday night's midquarter update from Texas Instruments ( TXN).