The Dow Jones industrial average closed down 92.59, or 0.9%, at 10,609.92.

Wall Street nudged higher to fresh 19-month highs today as a trio of economic reports – one on gross domestic product, the others on consumer sentiment and spending – provided investors with additional evidence of an improving economy.

Wall Street tried but failed today to extend a one-day rebound, but succumbed to late selling on questions about AOL Time Warner’s accounting and pessimism about second-quarter earnings reports.

Investors sent stocks sharply lower for a second consecutive session today as worries about second-quarter earnings reports overshadowed President George W. Bush’s proposal to increase the penalties for corporate fraud.