The Dow Jones industrial average had its sixth triple-digit loss in nine sessions, while the Standard & Poor's 500 index closed below 900 for the first time in nearly five years. Analysts said the pullback reflected investors' continuing lack of confidence.

The Dow closed down 132.99, or 1.6 percent, at 8,404.49, according to preliminary calculations, after rising as much as 79 points earlier in the day. The Dow has now fallen 975.01 in nine sessions.

The losses were more intense in broader stock indicators. The S&P 500 was down 24.47, or 2.7 percent, at 881.57, its lowest finish since Oct. 27, 1997, when it fell to 876.99. The Nasdaq composite index lost 40.30, or 2.4 percent, closing at 1,356.95.

All three indexes closed higher yesterday for the first time in nearly two weeks, but analysts were not surprised that the market faltered.

"The general public hasn't made money in the stock market for two years now, so there is an acceleration of redemptions in mutual funds and stocks as investors switch to other types of investments," said Bill Meade, managing director, RBC Capital Markets.

Indeed, investor confidence remains fragile because of the market's weak performance and the accounting scandals. At the same time, prospects for a vigorous economic recovery have all but disappeared.

Most analysts now say the economy ‚ and business profits ‚ will at best grow modestly.

AOL Time Warner fell 66 cents to $12.45 on a Washington Post story that questioned its bookkeeping practices.

The article unnerved investors, who have watched stocks slide for months now on similar concerns at other companies.

AOL Time Warner denied any wrongdoing.