The Detroit News. The Nasdaq composite index tumbled 7.2 percent as nervous investors unloaded technology issues while blue chips also fell sharply on similar concerns about profits and the slowing economy. The Nasdaq closed down 178.66 at 2,291.86. The Dow Jones industrial average fell 140.70 to 10,646.15, a 1.3 percent loss.
Investors are reluctant to commit.
They are genuinely concerned about the slowdown in the economy. Analysts said the declines reflect worries that have dragged the markets lower since Labor Day. A national purchasing manager's report showing manufacturing activity in December was at its lowest level in nearly a decade added to the sense that the economy is weakening.