From WSJ.com:
By JONATHAN CHENG
U.S. stocks tumbled as further concerns rose about flagging global economic activity, as investors digested a grim mix of weak U.S. economic data and fresh concerns about the health of Europe's banks.
The Dow Jones Industrial Average fell 434 points, or 3.8%, to 10978. The Standard & Poor's 500-stock index dropped 51 points, or 4.3%, to 1143, while the Nasdaq Composite lost 116 points, or 4.6%, to 2397.Gold jumped to above $1,820 per troy ounce, while Treasurys the yield on the benchmark 10-year note briefly dipped below 2.00% in intraday trading, for the first time since at least 1954.
A handful of stocks registered declines of 5% or more, with the heaviest selling in industrial and technology stocks. United Technologies fell 5.7%, Alcoa lost 5.6% and Caterpillar tumbled 5.9%. Technology stock falls were led by Hewlett-Packard, down 7.5%, with Cisco Systems shedding 5.2% and International Business Machines down 5.7%.
Bank stocks were also under significant pressure. Bank of America was the biggest decliner among the Dow components, tumbling 7.8%, while J.P. Morgan Chase lost 5%.
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