Stocks fell sharply in New York yesterday, with another rocky day on Asian markets and another dire forecast from the technology group overshadowing a tame inflation report.
On Wall Street, the Dow Jones industrial average dropped 99.65 points - or 1.26 per cent - to 7,802.62.
For the second straight day, US investors woke up to unsettling developments in South-east Asia, this time in Indonesia, where the currency lost more than one-fourth of its value and the stock market dropped 12 per cent. Wild rumours gripped that country, prompting panic-buying at supermarkets.
Declining issues outnumbered advancers by a 5-to-3 margin on the New York Stock Exchange, with 1,125 up, 1,891 down and 452 unchanged. NYSE volume was extremely heavy again, totalling 651 million shares - the second straight session above 650 million and the fourth straight above 600 million.
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