New York ? Investors despairing over earnings ignored news Friday that the economy snapped back in the first quarter, and so stock prices fell sharply. The Dow Jones industrials fell below 10,000 for the first time in more than two months and the Nasdaq composite index finished at levels not seen since October.

The decline capped a dismal week for stocks, and extended a losing streak that has seen the Dow fall six out of the last eight sessions, and the Nasdaq, seven out of eight.

Tech stocks had the biggest losses in volatile trading, but overall volume was light. Analysts said investors are fed up with companies’ inability to say that business is improving, and, consequently, a market that keeps backtracking. With continuing problems in the Middle East, there is little reason to believe that investments now will pay off any time soon.

“I just think there’s not much an investor can hang his hat on right now, and if you combine that with the fact that any investment you made last year hasn’t met with great results either, it’s hard to get excited or know what to do next,” said Philip S. Dow, managing director of equity strategy at RBC Dain Rauscher.

The Dow closed down 124.34, or 1.2 percent, at 9,910.72, in selling that intensified late in the day. The index last closed lower on Feb. 21, when it stood at 9,834.68.

For the week, the Dow fell 3.4 percent; the blue chips have now closed down five of the last six weeks amid investors’ ongoing disillusionment with company earnings and outlooks.

The technology-centered Nasdaq fared even worse, tumbling 49.81, or 2.9 percent, to 1,663.89 the lowest finish since Oct. 18 when the index was 1,652.72. The Nasdaq lost 7.4 percent for the week, its biggest weekly percentage decline since the 16 percent plunge during the first week of trading after Sept. 11. It was also the Nasdaq’s fifth losing week out of six.

The Standard & Poor’s 500 index dropped 15.16, or 1.4 percent, to 1,076.32. It last closed lower on Oct. 31, at 1,059.78. The S&P lost 4.3 percent over the week.

The Commerce Department reported that the nation’s gross domestic product the broadest measure of the economy’s health grew at an annual rate of 5.8 percent in the first quarter. It was the strongest showing since the last quarter of 1999, and raised hopes that the recession that began in March 2001 was over.

But the numbers failed to overcome negative momentum created by this month’s earnings reports, most of which have met expectations but failed to forecast significant improvements in business ahead. Investors, who have been watching economic numbers improve for months now, want to see a corresponding change in corporate profits. So far that hasn’t happened, providing little incentive to put money in the market.

Analysts said investors also might have been discouraged by a slight decline in a key gauge of consumer sentiment. The University of Michigan’s index of consumer confidence was said to have fallen to 93.0 at the end of April, compared to 95.7 the prior month, according to Dow Jones News.

“Yes, the GDP numbers were good. But earnings remain lackluster and you still have a market that’s more apt to sell the rallies than buy on the pullbacks,” said Bryan Piskorowski, market commentator at Prudential Securities. “The sentiment is such that it takes a confluence of positive data to bring forth a rally, but it only takes one or two pieces of bad news to spark a selloff.”

VeriSign tumbled $8.35, or 45.8 percent, to $9.89 on first-quarter revenues that fell short of expectations because of soft demand. Investment firms including Merrill Lynch downgraded the company, which provides security for Internet and other transactions.

Shares of JDS Uniphase also fell 50 cents, or 9.9 percent, to $4.53 after the optical equipment maker announced a $4.3 billion loss for its third quarter and reduced its outlook for current business. The company is also cutting 2,000 more jobs.

The selling spread to other technology companies too. Intel fell 97 cents to $28.12, while Microsoft fell $2.23, or 4.2 percent, to $51.50.

Investors’ doubts also hurt non-technology companies. Wal-Mart lost $1.20 to $55.80, while Citigroup dropped $1.10 to $43.05 on fears that consumer spending wouldn’t be enough to shore up profits.

Declining issues led advancers nearly 3 to 2 on the New York Stock Exchange. Consolidated volume came to 1.64 billion shares, less than the 1.80 billion shares Thursday.

The Russell 2000 index dropped 7.35 to 501.50.

Overseas, Japan’s Nikkei stock average fell 0.9 percent. In Europe, Germany’s DAX index slipped 1.1 percent, Britain’s FT-SE 100 lost 0.7 percent, and France’s CAC-40 dropped 0.1 percent.