Stocks dropped sharply on Wall Street yesterday as investors who pumped up their portfolios on the promise of strong corporate earnings began selling to take profits.
Broader stock indicators were also lower. The Nasdaq composite index, dominated by technology issues, had its steepest points loss since April 19th, when the index dropped 138.43 points.
The Standard and Poor's 500 fell 30.55 to 1,377.10, and the Nasdaq composite index dropped 98.04 to 2,732.25.
Declining issues outnumbered advancers by an 11-to-5 margin on the New York Stock Exchange, with 2,050 down, 897 up and 584 unchanged.
Microsoft fell sharply after announcing that it expects revenue growth to slow in fiscal year 2000, which began on July 1st.
IBM had a similar fate, plunging and contributing most heavily to the Dow's losses.
