NEW YORK (AP) — A disappointing profit report from Alcoa Inc. weighed on Wall Street Wednesday, chipping away at some of the optimism many investors felt ahead of first-quarter earnings. The Dow Jones industrials fell more than 90 points.

With many people away for the Passover and Easter holidays and no trading scheduled for Good Friday, volume was light. Already chilled by the latest corporate news, the investors who remained were further rattled by escalating violence in Iraq.

Despite the sharp retreat of blue chips on Alcoa's announcement, analysts were upbeat about the market's long-term prospects, particularly after the major indexes regained so much of the ground lost in last month's correction. Few attached great significance to the day's slide, noting that market moves are often exaggerated in light trading.

"I think you're getting normal hesitation here before we attempt to attack the recovery highs," said Steven Goldman, chief market strategist at Weeden & Co. in Greenwich, Conn. "We have a solid foundation, the economy is strong, profits are rising, interest rates are low. ... I'd look at this market as a big tanker ship that is just taking some time to turn. One news item is not going to curtail that."

In afternoon trading, the Dow slipped 95.85, or 0.9 percent, to 10,474.96.

The broader gauges were also lower. The Nasdaq composite index shed 15.31, or 0.7 percent, to 2,044.59. The Standard & Poor's 500 index was down 8.61, or 0.8 percent, at 1,139.55.

A downbeat profit outlook from Nokia pressured prices for a second straight session, adding to investors' uncertainty about first-quarter results. Still, companies within the S&P 500 are expected to report 17 percent earnings growth on average, according to Thomson Financial. Some analysts anticipate an average rise of up to 20 percent.

Alcoa, the world's largest aluminum producer, fell down $1.66, or 4.5 percent, to $34.84 after it failed to meet Wall Street expectations with results released after the market closed Tuesday. The first Dow component to report earnings, Alcoa's profits doubled in the first quarter, but missed analysts' estimate by a penny a share.

Nokia, the world's biggest cell phone maker, was down 26 cents at $16.95 after investors filed a class action suit Tuesday accusing the company of securities fraud related to its first-quarter forecast. Nokia dropped 19 percent Tuesday after issuing a gloomy outlook.

Taser International Inc. surged $4.55, or 4.5 percent, to $96.80 as investors shrugged off a recent report from CBS News that suggested its stun guns, used by police to disarm suspects, had been linked to a number of deaths. Officials with the company, which is planning a stock split later this month, say the device is not dangerous.

Declining issues outnumbered advancers about 4 to 3 on the New York Stock Exchange. Volume was at 864.08 million shares, compared with 897.54 million on Tuesday.

The Russell 2000 index, which tracks smaller company stocks, was down 1.46, or 0.2 percent, at 597.87.

Overseas, Japan's Nikkei stock average finished 0.5 percent lower Wednesday. In Europe, France's CAC-40 closed down 0.3 percent, Britain's FTSE 100 declined 0.1 percent and Germany's DAX index shed 0.5 percent.