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Boeing sends market downward

Stocks fall sharply as the aerospace giant sends jitters through the market, pushing both the Dow and the Nasdaq lower.

Stocks fell sharply as aerospace giant Boeing sent jitters through the market, pushing both the Dow and the Nasdaq lower in morning trading.

The Dow Jones Industrial Average tumbled 105.30 points or 1.15 percent to 9,028.24, while the technology-heavy Nasdaq Composite Index sank 9.73 points or nearly .5 percent to 1,994.02.

After the close of trading yesterday, Boeing announced sharp production cutbacks for almost every jetliner model and the elimination of as many as 20,000 additional jobs. Shares of Boeing tumbled 14.09 to 34.69 in morning trading.

"Boeing is going to drag the Dow down,'' said Peter Cardillo, director of research at Westfalia Investments. "But I would not be surprised if the market stabilizes after the initial negative impact of Boeing.''

Indeed, Boeing also seems to be dragging the Nasdaq Index lower. Five of the six top movers are slipping.

Sun Microsystems fell 5.63 percent, and was the most-actively traded issue on the Nasdaq market this morning with 9.4 million shares changing hands. WavePhore, which rocketed more than 96 percent higher yesterday, shed 22.95 this morning and was the third most-actively traded issue on the Nasdaq with 7.7 million shares traded.

Microsoft, the fourth most-actively traded issue today, dipped .97 percent. Intel, the fifth most-actively traded issue today, slipped 1.3 percent.

Cisco Systems, which today announced it will acquire privately held PipeLinks in a $126 million stock deal, fell 1.63 percent and was the sixth most-actively traded issue on the Nasdaq with 6 million shares changing hands.

Reuters contributed to this report.