Broader market indicators also fell. So far this year, it's down 26.85 percent. And technology stocks were even harder hit. The tech-packed Nasdaq composite index slumped 47.74 points, or 3.25 percent, to 1,423.19 yesterday. For the year, the Nasdaq is down 42.39 percent.
Markets hate uncertainty and there's nothing but uncertainty now.
After the Dow fell almost 300 points in the first moments after the opening bell, it quickly erased those losses on news that General Electric, America's biggest corporation, said it would meet its profit forecasts for this year and next year. The GE-sparked rally lasted for about an hour, but before lunch, selling pressure resumed. Several companies, including EMC Corp., the biggest maker of data storage systems, reduced their profit forecasts. The second mini-rally came in the last hour of the day, but it was not enough to bring the Dow into positive territory. Market insiders are worried that next week will bring more of the same.