Hambrecht & Quist cut Intel's earnings estimate, and rumors swirled that the bellwether chipmaker would reveal disappointing second-quarter earnings after the market closed. That was enough to spark a sell-off and drag the markets down. The Nasdaq, following a late-afternoon plunge, finished down 19.48 points at 1742.31, a 1.11 percent loss. The Dow closed down 86.49 at 8804.30, a 0.98 percent loss, after falling 100 points in the heat of the late sell-off. Intel, which later denied the earnings announcement rumor, dropped nearly 5 percent.
Market Wrap
Hambrecht & Quist cut Intel's earnings estimate, and rumors swirled that the bellwether chipmaker would reveal disappointing second-quarter earnings after the market closed. That was enough to spark a sell-off and drag the markets down. The Nasdaq, following a late-afternoon plunge, finished down 19.48 points at 1742.31, a 1.11 percent loss. The Dow closed down 86.49 at 8804.30, a 0.98 percent loss, after falling 100 points in the heat of the late sell-off. Intel, which later denied the earnings announcement rumor, dropped nearly 5 percent.
