Stocks slumped yesterday as unease over corporate profits and a cooling economy returned with the conclusion of the post-election fight for the US presidency. A slew of earnings warnings from big companies refocused concerns about profit growth in corporate America, driving stocks lower.

The Dow Jones Industrial average plummeted 119.45 points, or 1.11 per cent, to 10,674.99. The Dow's loss in large part was tied to J.P. Morgan, the venerable Wall Street firm that along with its merger partner Chase Manhattan warned that fourth-quarter profits will be substantially below expectations.