Stocks retreated from Wednesday's big rally after Microsoft delivered a round of bad news and economic reports reflected a steepening recession.
The Dow Jones Industrial Averageshed more than 100 points, or nearly 2 percent, after gaining 3.5 percent in the prior session. The S&P 500and Nasdaq each lost more than 2 percent.
It’s been a tumultuous month so far for the major U.S. indexes—the Dow has lost nearly 10 percent in January alone.
Microsoft was one of the biggest decliners on the Dow after the software giant missed Wall Street's earnings target andsaid it would cut up to 5,000 jobs. The company also curtailed its forecasts for the rest of its fiscal year.
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