Dow Jones Closes Low

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The week is coming to a close on Wall Street with a steep decline in the blue chips -- and one analyst says that's "hardly encouraging."

So much for the two-day rally. The Dow has been down by more than 290 points in late afternoon trading

A more negative earnings outlook for blue chips has put off investors, including general electric, delta airlines and Philip Morris.

Analysts say the profit forecasts and other bad news for some high-profile companies led some portfolio managers to dump losing stocks.

Today's decline for the Dow follows two consecutive sessions of triple-digit gains for the index of 30 industrial stocks.