THE MARKET TODAY
Information provided by Schwab Center for Investment Research
Stock prices tumbled today following a weaker-than-expected Institute of Supply Management manufacturing index and a report of rising layoff announcements. In corporate news, Intel (INTC,15.86,f1&f4) had its outlook cut, while Citigroup (C,29,f2) suffered an analyst downgrade and more scrutiny of its Salomon Smith Barney unit. Treasury prices rose as stocks sold off, with the 10-year yield breaking below 4%. The Dow Jones Industrial Average plunged 4.1%, the S&P 500 Index purged 4.2% and the Nasdaq Composite Index was down 3.9%. Financial, computer and biotech shares led the broad decline. Volume on the Big Board was 1.3 billion shares, as 1.4 billion shares changed hands on the Nasdaq.