Stocks fall sharply as technology sector takes a beating
NEW YORK - Stocks are moving broadly lower on Wall Street, putting the market on track for its second sizable loss in a row.
Technology companies, banks and consumer companies were among the biggest decliners in midday trading Monday.
Cognizant Technology Solutions sank 7 percent after forecasting earnings and revenue that were well below what analysts were expecting.
The Dow Jones industrial average dropped 357 points, or 2.2 percent, to 15,844 as of 11:45 a.m. Eastern time.
The Standard & Poor's 500 index lost 43 points, or 2.3 percent, to 1,836. The Nasdaq composite, which heavily weighted with technology stocks, plunged 120 points, or 2.8 percent, to 4,243.
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Bond prices rose. The yield on the 10-year Treasury note fell to 1.75 percent.