Stocks fell yesterday, as renewed anxiety about America's corporate health and the sputtering economy cut short the market's partial comeback from last week's deep sell-off.
Investors weighed another batch of corporate earnings warnings, while Wall Street pulled back forecasts, including a reduced profit outlook for market giant International Business Machines.
"We'll see a whole month of bad news ahead," said Mr Chuck Hill, director of research at First Call. "Even without the attacks, we had already expected bad news. But with the attacks, it'll be more negative now." Last week, the Dow plunged by 1,370 points, the largest weekly point drop ever, as investors abandoned stocks amid a spike in fear and uncertainty caused by air attacks that destroyed the World Trade Centre in New York's financial district.
"It's going to be very cautious out there," said Mr John Forelli, senior vice president at Independence Investment LLC, which oversees $20 billion.
"Investors are not going to be willing to jump in until somehow the uncertainty diminishes."
