Wall Street: Monday close

INVESTORS offloaded stocks following disappointing earnings news from

The sell-off came despite better-than-expected earnings and an encouraging outlook from 3M. That suggests investors are less impressed with second-quarter results than they were with those of the first quarter, which prompted huge rallies. Analysts also say the market has climbed too high, too fast.

'The market is just pooped out,' said Gary Kaltbaum, president of Investors' Edge Partners, a money management firm in Orlando, Florida. 'It has to pull back.'

The Dow Jones Industrial Average fell 91.46 points, or 1%, to 9096.69, wiping out much of Friday's rally. The tech-heavy Nasdaq dropped 27.09, or 1.6%, to 1681.41.

Merck was the Dow's biggest loser, down $1.95 to $59.82 after missing earnings expectations, Other drug makers also fell, with Eli Lilly dropping $1.04 to $66.14 and Pfizer 85 cents to $32.54.

Printer maker Lexmark slid $14.10, or 19%, to $59.40, after missing profit forecasts and cutting its third-quarter outlook. Rival Canon fell $1.29 to $45.86.

3M climbed $6.17 to $136.35 after topping Wall Street targets and raising its estimates for the year.

Latest data met economists' expectations. The Conference Board said its Index of Leading Economic Indicators advanced for a third month, rising by 0.1% in June. The index gauges what the economic conditions are likely to be in the upcoming three to six months.