Stocks fall sharply as technology sector takes a beating

NEW YORK - Stocks are moving broadly lower on Wall Street, putting the market on track for its second sizable loss in a row.

Technology companies, banks and consumer companies were among the biggest decliners in midday trading Monday.

Cognizant Technology Solutions sank 7 percent after forecasting earnings and revenue that were well below what analysts were expecting.

The Dow Jones industrial average dropped 357 points, or 2.2 percent, to 15,844 as of 11:45 a.m. Eastern time.

The Standard & Poor's 500 index lost 43 points, or 2.3 percent, to 1,836. The Nasdaq composite, which heavily weighted with technology stocks, plunged 120 points, or 2.8 percent, to 4,243.

Bond prices rose. The yield on the 10-year Treasury note fell to 1.75 percent.