New York, NY (AP) - Stocks are sinking after a disappointing outlook
from Cisco rattled the market.
Traders are also on edge as world leaders meet in South Korea in
hopes of heading off another bad turn in global trade relations.
According to preliminary calculations, the Dow Jones industrial
average fell 74, or 0.7 percent, to close at 11,283 Thursday. It
had been down as much as 126 earlier.
The S&P 500 index fell 5, or 0.4 percent, to 1,213, and the
Nasdaq lost 23, or 0.9 percent, to 2,555.
Cisco disappointed investors with another cut in its sales
forecast, sending its shares down more than 16 percent.
Falling shares outnumbered gaining ones two to one on the New
York Stock Exchange, where volume came to 950 million shares.
(Copyright 2010 by The Associated Press. All Rights Reserved.)
