Dow’s fall takes blue chips lower for the year

01/20/2006

Posted: Friday January 20, 2:18 PM EST

NEW YORK (Reuters) - U.S. stocks sank on Friday, with blue chips erasing all of the year’s gains, as earnings from Dow components Citigroup Inc. and General Electric Co. renewed fears of slower corporate profit growth.

At about 1900 GMT, the Dow Jones industrial average was down 171.85 points, or 1.58 percent, at 10,708.86. The Standard & Poor’s 500 Index was down 19.49 points, or 1.52 percent, at 1,265.55. The technology-laced Nasdaq Composite Index was down 47.33 points, or 2.06 percent, at 2,254.48.

Since hitting a 4 1/2-year high of 11,047.76 on January 11, the Dow has fallen more than 3 percent, giving up all of its gains for the year.