Stocks slumped yesterday, with major market indices hitting four-month lows, after job cuts and a bleak outlook by Ford Motor and poor earnings from Dell washed away investors' hopes for a recovery anytime soon.

Household names such Ford and Gap rattled investors with reports of big job cuts or dismal earnings. A federal appeals court rejecting Microsoft's bid to delay its anti-trust case injected another shot of gloom into the market.

The technology-laden Nasdaq Composite Index sank 63.29 points, or 3.28 percent, to 1,867.03, its lowest close since April 10th. The blue-chip Dow Jones industrial average tumbled 151.74 points, or 1.46 percent, to 10,240.78. The broader Standard & Poor's 500 Index dropped 19.69 points, or 1.67 percent, to 1,161.97.