Dow drops more than 200

The Dow Jones industrials have tumbled more than 200 points to their weakest finish since November 28, when the index was at 9,711.86.

The Dow closed down 211.88, or 2.1%, at 9,712.27, the biggest point drop since October 29, when it lost 275. The Nasdaq composite index slid 56.45, or 2.8%, to 1,944.46.

Meanwhile the Standard & Poor's 500 index lost 18.62, or 1.6%, to 1,127.57, while the Russell 2000 index slid 8.57 to 476.43.

The falls came as the selling spread across the market and intensified late in the session.

Analysts said investors were collecting profits rather than risk a loss if an economic turnaround is delayed.

The downturn was prompted by Intel, which reported fourth-quarter results better than estimates late but that indicated it is too early to tell if an economic recovery has started.

Intel, which had advanced considerably in anticipation of a more upbeat forecast, fell 97 cents to $33.71. Other tech stocks also suffered, including Advanced Micro Devices, which was scheduled to report earnings after the market closed. It slipped $1.25 to $17.90.

Even eBay, which beat Wall Street's fourth-quarter estimates and forecast a profitable 2002 late Tuesday, dropped $4.09 to $59.94.

Selling was also strong in the broader market, particularly in financial stocks. JP Morgan Chase slid $1.36 to $36.51 after missing fourth-quarter estimates and reporting a fourth-quarter decline of $332 million because of losses attributable to the Enron bankruptcy, Argentina's debt default and other equity investment losses.

Declining issues led advancers more than 3 to 2 on the New York Stock Exchange. Volume came to 1.45 billion shares, compared with 1.38 billion Tuesday.