This is Yahoo!'s close of market update:

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Close Dow -213.63 at 10644, Nasdaq -115.95 at 2052, S&P -31.32 at 1233: An extremely weak day for the U.S. markets with the Nasdaq closing at yet another two-year low. An earnings warning out of Intel (INTC -3.94) last night and a stronger than anticipated employment report sank the major indices. Intel now expects revenue for Q1 to reflect a 25% sequential decline from the prior quarter's number. Additionally, Intel will be cutting 5,000 jobs which suggests they mean what they speak when discussing a cautious outlook for the sector in the near to intermediate term. The semiconductor sector traditionally leads technology cycles and investors saw reason for caution following the less than enthusiastic report. This afternoon, Cisco Systems (CSCO -2.12) also announced job cuts representing roughly 5% of its workforce which highlights the rapid drop in IT spending...

The February employment report also contributed to weakness in equities as the data suggested an inter-meeting rate cut is not in the cards. Non-farm payrolls increased by 135,000 which was substantially stronger than the anticipated increase of 75,000. Nonetheless, this morning's numbers were consistent with Greenspan's view that economic growth in the U.S. economy remains intact. While the employment report reduces the prospects for aggressive Fed easing, in the broader scheme these numbers don't alter the near term outlook on interest rates. Briefing.com continues to expect a 50 basis point cut when the FOMC policy announcement is released on March 20. Speculation regarding an oil production cut by OPEC next week also contributed to weakness in equities. S&P Midcap 400 -1.9%, DJTA -2.5%, DJUA -1.2%, Nasdaq 100 -6.5%, SOX -7.1%, Russell 2000 -1.6%, NYSE Adv/Dec 1080/1983, Nasdaq Adv/Dec 994/2679

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