The technology sector led the declines, down 3.8 per cent overall. Texas Instruments fell 7.7 per cent to $16.60 after the technology company disclosed worse-than-expected results after the bell on Monday.
Sun Microsystems and Logitech sustained some of the heaviest losses, down 14 per cent to $4.97 and 14.5 per cent to $15.63, respectively, after their updates both indicated a downbeat outlook.
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AK Steel retreated 3.3 per cent to $14.61 after the group said prices would be down about 10 per cent towards the end of the year while DuPont lost 2.8 per cent to $35.20 after the chemicals company cut its full-year forecast.
Lockheed Martin fell 3.2 per cent to $90.20 after the defence group reduced its guidance for next year on concerns of reduced military spending by the next administration.
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Fifth Third, which said it may ask to be included in the Treasury’s plan to buy stakes in U.S. banks, fell 11 per cent to $10.88 on the back of poorly received results.
Regions Financial lost 2.7 per cent to $11.90 after its earnings from continuing operations fell 76 percent in the third quarter, which was below analyst forecasts.
National City, hurt by increased mortgage reserves and losses from construction loans, fell 5.5 per cent to $3.08 after posting its fifth straight quarterly loss.
Keycorp, also dented by an increase in reserves for bad loans, added 8.8 per cent to $10.63 after posting its second straight quarterly loss.
If we just take out all the financial companies, we can see the problems are
