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Nasdaq, Dow fall
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April 2, 2001: 12:49 p.m. ET
Major indexes give back gains as second quarter starts like the first
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NEW YORK (CNNfn) - U.S. stocks turned lower at midday Monday as investors worried about weakening corporate profits once again unloaded shares.
Just before 12:40 p.m. ET, the Dow Jones industrial average fell 65.13 points to 9,814.16, hurt by weakness in American Express, which warned it will miss first-quarter forecasts.
The Nasdaq composite index shed 30.51 to 1,809.81. Weakness in biotech shares hit the index after Lehman Brothers downgraded many stocks in the sector. Yahoo! And JDS Uniphase also fell sharply.
The losses on the first trading day of the second quarter follow big declines during the first three months of the year, which came amid hundreds of profit warnings and thousands of layoffs from Corporate America. 
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