Stocks sank yesterday, as the prospect of a failed merger between heavyweights General Electric and Honeywell rattled investors already on edge over corporate profit warnings.
The latest announcements that financial results would disappoint came from companies ranging from ketchup maker HJ Heinz to electronic parts maker CTS. Market sentiment soured as these companies told investors that quarterly results would land shy of Wall Street estimates in the economic downturn.
The blue-chip Dow Jones Industrial Average tumbled 181.49 points to 10,690.13. The broader Standard & Poor's 500 Index slid 21 points to 1,219, while the dropped 77.58 points to 2,044.08.
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