Dow's plunge drags the broader market lower

 

The Dow Jones industrials plummeted nearly 375 points yesterday after an earnings warning from Procter & Gamble unnerved investors already worried about profits at blue-chip and industrial companies.

On Wall Street, the Dow's plunge dragged the broader market lower and overshadowed the Nasdaq composite index's first foray past 5,000.

The Dow fell 374.47, or 3.7 per cent, to close at 9,796.03, its fourth biggest one-day point drop and its lowest close since March 31st, 1999. The Dow was off more than 400 points in late trading before edging higher just before the close.

The Nasdaq, which had soared more than 100 points to 5,006.78 in early trading, finished lower as profit-taking and computer-driven trading that kicked in at the 5,000 mark sapped its strength.

Broader indicators were mostly lower.