An earnings warning from Dow Chemical gave investors another reason to sell. But the decline was unsurprising given investors' worries about earnings and the fact that the market has been unable to hang on to gains.

Investors have also been concerned about the possibility of war with Iraq.

"There is an awful lot of indecision, a lack of clarity as to where are we headed," said Tim Leach, chief investment officer for Wells Fargo's Private Client Services, about both the economy and Iraq.

Indeed, there was much indecision today. The Dow was down more than 100 points in early trading, recovered to an advance of 30 points in the afternoon, then turned sharply lower during the afternoon.

The blue chips closed down 183.18, or 2.3 percent, at 7,755.61, according to preliminary calculations. The Dow has been in a pattern of enjoying one huge up day for every two or three big drops. Prior to yesterday's rally, the Dow suffered a two-day 406-point loss.

The broader market was also lower. The Nasdaq composite index fell 26.28, or 2.2 percent, to 1,187.44. The Standard & Poor's 500 index fell 19.99, or 2.4 percent, to 827.92.

Earnings woes have fueled much of the market's recent selloffs as analysts' growth estimates for companies have fallen to about 8 percent from about 20 percent.

"We are still in (earnings) preannouncement season and warnings are outpacing upwards guidance by about 2 to 1," said Jeff Kleintop, chief investment strategist for PNC Financial Services Group in Philadelphia.

Investors sold off stocks with disappointing earnings news today. Dow Chemical fell $2.55 to $27.25, after the nation's second-largest chemical company cut its third-quarter earnings estimate. Competitor DuPont declined $2.32 to $37.31.

Swiss banking giant Credit Suisse fell $1.76 to $18.29 after warning it will post a third-quarter loss due to shortfalls at its investment bank and insurance units.

Advent Software fell 79 cents to $10.81 after warning that revenue for the third and fourth quarters will miss analysts' expectations.

But Dell Computer rose 67 cents to $25.35, having late yesterday raised its third-quarter sales forecast and reaffirming its earnings outlook.

Clothing retailer Chico's climbed 38 cents to $16.31 on news that September sales were strong than expected and that the company was reiterating its third-quarter outlook.

Declining issues outnumbered advancers about 2 to 1 on the New York Stock Exchange, where volume was heavy.

The Russell 2000 index, which tracks smaller company stocks, fell 7.87, or 2.1 percent, to 360.22.