US stocks fall sharply

A stronger-than-anticipated economic report today failed to impress investors, who instead retreated into the now-familiar pattern of unloading technology stocks as they worried about the timing of a recovery.

The Nasdaq composite index tumbled to its lowest level in two months on concerns that Wall Street’s advance last month might have been too much, too soon. Although economic data appears to be more positive, many businesses have yet to forecast a turnaround. Occasional bursts of bargain hunting have helped support the market, but there has been no catalyst for any broad movement.