Dow and Nasdaq got KILLED today....

[TheEnforcer]

http://finance.yahoo.com/

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Dow 10,667.39 -213.32 (-1.96%)
Nasdaq 2,247.70 -54.11 (-2.35%)
S&P 500 1,261.49 -23.55 (-1.83%)
10-Yr Bond 4.361% -0.02
NYSE Volume 2,828,375,000
Nasdaq Volume 2,350,955,000


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http://biz.yahoo.com/ap/060120/wall_street.html?.v=22
Stocks Plummet on GE, Citigroup Earnings
Friday January 20, 4:14 pm ET
By Christopher Wang, AP Business Writer
Dow Ends Down 213 at 10,667, Nasdaq Ends Down 54 at 2,248 on Weak GE, Citigroup Earnings Reports


NEW YORK (AP) -- Lackluster earnings reports from Dow Jones industrials General Electric Co. and Citigroup Inc. sent stocks plunging Friday, giving the Dow its biggest single-day percentage decline since April.
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Soaring energy prices compounded the market's gloom over earnings, with crude oil returning to a four-month high on concerns about Iran's nuclear arms dispute.

A tempered outlook from Motorola Inc. also disappointed investors and weighed on tech stocks.

While GE and Citigroup's results came in just shy of analysts' estimates, the large-cap firms that released earnings this week would have needed blockbuster reports to satisfy Wall Street's overblown expectations, said Rick Pendergraft, an equity trader at Schaeffer's Investment Research.

"The ramp up we had into earnings let you know that people were expecting big things," Pendergraft said. "Any time we go into an earnings season and the market is overbought, it sends up a caution flag for me."

According to preliminary calculations, the Dow declined 213.32, or 1.96 percent, to 10,667.39. The index has given back all of the 325 points it had gained so far this year.

Broader stock indicators were also sharply lower. The Standard & Poor's 500 index lost 23.55, or 1.83 percent, to 1,261.49, and the Nasdaq dropped 54.11, or 2.35 percent, to 2,247.70.

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com