Stocks fell sharply yesterday after an earning warnings from Eastman Kodak unnerved investors already worried about third-quarter results.
The sell-off, the latest of many this month, quickly spread to blue chip and technology stocks, reflecting persistent concerns that higher oil prices, the strong US dollar and slowing economic growth are hurting the bottom lines of many companies.
The Dow Jones industrial average fell 176.83 to 10,631.32.
Broader indicators were lower. The Nasdaq composite was down 52.11 at 3,689.11 and the Standard and Poor's 500 stock index fell 11.82 to 1,427.21.
Dow component Kodak warned of disappointing profits, saying its business has been hurt by rising material costs, weakness in the euro and other factors. The photographic products manufacturer fell $14.63 to $44.38, a 25% decline, on the New York Stock Exchange.
With the third-quarter earnings reporting season coming up, the market has been unloading stocks whose companies even warn of lower-than-expected profits.
