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Stocks continued to trade lower following disappointing results from Cisco, and as investors weighed the effects of Ireland's debt troubles.
The Dow Jones Industrial Averagefell more than 90 points after a lackluster trading session on Wednesday that ended with all the major indexes eking out gains .
Cisco, Hewlett-Packard and Boeing led the blue-chips lower, while Chevron and Merck and rose.
The S&P 500 fell, while the tech-heavy Nasdaq sank nearly 1.5 percent. The CBOE Volatility Index, widely considered the best gauge of fear in the market, rose to above 19.
Most key S&P sectors were lower led by technology, financials and industrials. Energy and materials rose.
Cisco shares tumbled about 15 percent after reporting Wednesday that its revenue outlook fell short of Street forecasts. The networking company's profit, however, was better than expected. Nonetheless, the stock was pummeled in after-hours trading, and continued to sink Thursday as several brokerages lowered their ratings and price targets for the stock. The selloff was the biggest for Cisco after an earnings release.
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