US stocks tumble
New questions about accounting practices at Tyco and Enron provoked a broad selloff on Wall Street today as investors grew more doubtful about the honesty of corporate bookkeeping in general.
The Dow Jones industrials tumbled more than 200 points in a sharp decline that accelerated late in the session. Analysts said investors were concerned that other companies might have used the same type of accounting methods as Enron and Tyco. Amid weak corporate earnings forecasts, the news made stock purchases even less appealing.