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Stocks fell sharply Thursday after an analyst downgrade on the chip sector and gains in the dollar.
The Dow Jones Industrial Average lost 93.87, or 0.9 percent, to close at 10,332.44. The S&P 500 fell 1.3 percent. The Nasdaq was the hardest hit of the three, down 1.7 percent.
Intel [ INTC 19.35 
+0.00 (+0.00%) ] was the biggest drag on the Dow, down 4.1 percent, after Bank of America-Merrill Lynch slashed its 2010 growth forecast for the global chip industry and downgraded 10 chip makers, including Intel.
The Philadelphia Stock Exchange semiconductor index lost 3.4 percent.
The downgrade was the latest blow to investors betting on tech at this stage of the recovery. On Wednesday, the tech sector caught a one-two punch as engineering-software maker Autodesk delivered a weaker-than-expected outlook and customer-relations software maker Salesforce.com reported a slowdown in new business.
Alcoa [ AA 13.06 +0.00 (+0.00%) ] and GE [ GE 15.60 +0.00 (+0.00%) ] rounded out the Dow's bottom three today.
Commodity-related stocks took a hit as the dollar rose against both the yen and euro.
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