Wednesday March 28 4:17 PM ET
Dow And Nasdaq Post Triple-Digit Losses

NEW YORK (Reuters) - Stocks fell sharply on Wednesday with losses concentrated in technology shares, clipping a three-day rally and resuming recent weeks of selling on a new batch of earnings warnings and layoffs from some corporate giants, including Walt Disney Co. and Nortel Networks Corp.

The Dow Jones industrial average dropped 162.19 points, or 1.63 percent, to 9,785.35, according to the latest data. In the previous three trading sessions, the Dow had risen 5.6 percent. The tech-laden Nasdaq Composite Index fell 118.34 points, or 6 percent, to 1,853.92. The benchmark Standard & Poor's 500 index slid 28.92 points, or 2.45 percent, to 1,153.25.

``People are still concerned we're heading for a recession and a serious profit slump,'' said Kevin Bannon, chief investment officer at BNY Asset Management, which oversees about $60 billion in assets. ``There are still people out there who don't appreciate how severe short-term earnings problems are.''

Walt Disney, theme park and television network owner, slumped 84 cents to $28.36 after a letter to employees outlined plans to cut 3 percent of its work force in the weak economy.

Canada's Nortel fell $2.76 to $14 in New York Stock Exchange trading after the world's No. 1 supplier of telecom equipment slashed its quarterly estimates and planned more job cuts amid
pricing pressures and the U.S economic downturn.

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