Stocks dropped as investors turn cautious.
OBJECTNEW YORK — Investors are turning cautious on Wall Street just one week after the stock market hit an all-time high.
Stocks fell today amid new signs of weakness in Europe’s economy. Poor earnings news from Bank of America and an apparent drop in demand for Apple’s iPod and iPhone contributed to the selling.
Banking, tech, and energy stocks led the way lower.
The Dow Jones industrial average lost 138 points to 14,618 today, or 0.9 percent.
The Standard & Poor’s 500 fell 22 points, or 1.4 percent, to 1,552.
The Nasdaq composite fell 60 points, or 1.8 percent, to 3,204. Apple, the biggest component in the index, slumped nearly 6 percent.
Three stocks fell for every one that rose on the New York Stock Exchange. Volume was high, 4.2 billion shares.