Stocks turned abruptly lower yesterday when an earnings warning from Bank of America incited a wave of selling that wiped out much of Tuesday's big advance in the Dow industrials. High-tech stocks also fell sharply.

A mid-afternoon statement from the nation's second largest banking company intensified selling that began in after-hours trading on Tuesday when Apple Computer issued its own warning of disappointing results.

The warnings killed Tuesday's rally, which began after comments from Federal Reserve Chairman Alan Greenspan that the Fed is inclined to lower interest rates early next year.

The Dow Jones industrial average fell 234.34 to close at 10,664.38. That obliterated a big chunk of the Dow's 338-point gain on Tuesday.

The Nasdaq composite index lost 93.29 to end at 2,796.51.