Stocks are sinking again Thursday, extending a streak of losses that has yanked the market away from record highs. The Dow Jones industrial average lost 633 points, or 2.5%, as of 1pm ET to 24,267. It's on track for its fifth loss in the last six days. Technology companies, the leading sector over the past year, and banks fell the most, and Boeing and Caterpillar took some of the worst losses. The S&P 500 shed 58 points, or 2.2%, to 2,620 as of 1pm ET. It's now down 8.8% from the latest record high it set January 26. It's still up 15% over the past year. The Nasdaq composite fell 170 points, or 2.4%, to 6,884. The losses were broad. Four stocks fell for every one that rose on the New York Stock Exchange, and 10 out of the 11 industry sectors in the S&P 500 index were down, the AP reports.
The market didn't get much help Thursday from company earnings reports, several of which disappointed investors. While US companies mostly did well at the end of 2018, a number of them had a weak finish to the year. Hanesbrands, which makes underwear, T-shirts and socks, reported a smaller profit than investors expected, and its forecast for the current year didn't live up to analysts' estimates either. The stock dropped $2, or 9.1%, to $19.96. IRobot, which makes Roomba vacuums, plummeted 30% after it projected a smaller annual profit than Wall Street was expecting.
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