Sharp Losses on Wall Street for Tech and Industrial Firms

Stocks closed sharply lower Wednesday on Wall Street as technology and industrial firms as well as banks took sharp losses amid weak quarterly earnings, the AP reports. Chipmaker Advanced Micro Devices sank 13.4% Wednesday and network equipment maker Juniper Networks fell 6.1% as their fourth-quarter forecasts disappointed investors. Media and marketing information company Nielsen fell 6.3% after its third-quarter report and railroad operator Norfolk Southern sank 2.7%.

The Standard & Poor's 500 index lost 12 points, or 0.5%, to 2,557. The Dow Jones industrial average shed 112 points, or 0.5%, to 23,329. The Nasdaq composite lost 35 points, or 0.5%, to 6,564. Bond prices fell. The yield on the 10-year Treasury note rose to 2.43% and reached a seven-month high.