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ringmastery Donating Member (1000+ posts) Send PM | Profile | Ignore Thu May-06-04 04:51 PM
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U.S. stocks tank again amid rate worries
http://biz.yahoo.com/cbsm-top/040506/c9051a2b7d65a672f1...

NEW YORK (CBS.MW) -- U.S. stocks fell Thursday as renewed interest rate worries and another round of positive economic data prompted a broad sell-off.

Breadth was incredibly negative with losers outnumbering winners by of 27 to 6 on the New York Stock Exchange and 23 to 8 on the Nasdaq National Market.

The Dow Jones Industrial Average (^DJI - News) lost about 70 points, or 0.7 percent, to close at 10,241.26, while the Nasdaq Composite tumbled almost 20 points, or 1 percent, to finished 1,937.74.

At their lows for the session, the indexes scraped 10,170.51, and 1,923.30, respectively. The selling brought the Dow down on an intraday basis to levels unseen since late March. The Nasdaq's drop broke its consecutive streak of positive closes at three, erasing its cumulative gain over that period, and extending last week's 6.3 percent decline.

The S&P 500 (CBOE:^SPX - News) slid 0.7 percent to 1,113.96, while the Russell 2000 index (CBOE:^RUT - News) of small-cap stocks gave back 1.2 percent to 563.09.

Fallout from the Fed meeting Tuesday was still on investors' minds as they look ahead to Friday's employment report for another clue to the timetable of an eventual rate hike.

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