CLOSING BELL

Dow 10172.98  -216.90, Nasdaq 2205.29  -60.41, S&P 1091.76  -24.72 

Today the market had its third straight day of losses and marked the biggest percentage loss in over two months. All major sectors of the market posted losses.

Tech fell -3.9% today as traders took profits feeling that all positive news is already priced into the shares.  As a result, better-than-expected earnings from Google (GOOG) 550.01, -32.97 and Advanced Micro Devices (AMD) 7.88, -1.11 were met with stiff selling pressure.

Financial stocks continue to be hurt by President Obama’s recent attacks against the sector.  The sector was down -3.3% today.  The sector has been under pressure since his announcements of a special tax levy’s and tighter restrictions.  Some traders are stating that the recent market selloff is a direct result of these statements.

Both General Electric (GE) 16.11, +0.09 and McDonald's (MCD) 63.39, +0.19 exceeded earnings expectations for the latest quarter and showed early strength, but their gains faded into the close. 

Advancing Sectors: (None) 

Declining Sectors: Tech -3.9%, Financials -3.3%, Materials -2.3%, Utilities -2.2%, Consumer Discretionary -1.9%, Energy -2.2%, Industrials -1.5%, Telecom -1.3%, Health Care -1.2%, Consumer Staples -0.3%