NEW YORK — The Dow Jones industrial average dropped more than 360 points yesterday — the 20th anniversary of the Black Monday crash — as lackluster corporate earnings, renewed credit concerns and rising oil prices spooked investors.

The major stock market indexes turned in their worst week since July after Caterpillar Inc., one of the world's largest construction equipment makers, soured the mood yesterday with a discouraging reflection of the U.S. economy.

All 30 of the Dow's 30 components closed in the red.

In a week dominated by mostly negative results from banks facing difficult credit markets and rising mortgage delinquencies, investors appeared surprised that an industrial name was feeling an economic pinch, too.

Reports from Honeywell International Inc. and 3M Co., also big industrial names, gave investors little incentive to take chances on the market. In one bright spot, Google Inc. reported stronger-than-expected profits.

Investor sentiment took another hit when Standard & Poor's again reduced its ratings on residential mortgage-backed securities. The latest reduction, on more than 1,400 types of securities, added to investors' unease about credit quality.

And oil prices added to worries as it briefly moved above the psychological barrier of $90 a barrel for the first time.

"I was not surprised there was some correction, given our expectation that earnings growth was going to fall short of expectations," said Alan Gayle, an investment strategist at Trusco Capital Management.

"I think stock analysts were slow to incorporate the impact of the subprime crisis on third-quarter earnings," he added.

The Dow fell 366.94, or 2.64 percent, to 13,522.02. The Dow was down for the fifth straight session and for the week was off 4.05 percent. For the year, the blue-chip index is up 8.5 percent.

Broader stock indicators also fell sharply yesterday. The Standard & Poor's 500 index fell 39.45, or 2.56 percent, to 1,500.63, and the Nasdaq composite index dropped 74.15, or 2.65 percent, to 2,725.16.

Yesterday's pullback pales in comparison to what investors had to contend with exactly 20 years ago.

On Oct. 19, 1987 — Black Monday — the Dow plunged 23 percent amid concerns about interest rates and slowing economic growth. A decline of similar proportion in the current market would mean a drop of some 3,000 points.

A decline yesterday in the NYSE composite index proved steep enough to trigger trading curbs, which restrict certain types of sell orders. Such protections were put in place as a response to Black Monday.

Bond prices rose again yesterday, extending a rally to an unusual five sessions. The yield on the benchmark 10-year Treasury note, which moves inversely to the price, fell to 4.40 percent from 4.50 late Thursday. The dollar was mixed against other major currencies, and gold prices fell.

After touching $90.07 overnight, light, sweet crude fell 87 cents to settle at $88.60 on the New York Mercantile Exchange. Prices have spiked amid weakness in the dollar and thin supplies at a key Midwest oil terminal.

Illustrating investors' unease, the Chicago Board Options Exchange's volatility index, known as the VIX and often referred to as the "fear index," spiked yesterday, jumping 24 percent.

"Investors are starting to get concerned about both the pace of the U.S. economy and the pace of earnings growth," said Art Hogan, chief market strategist at Jefferies & Co.

Hogan noted that for much of the week investors focused on results from banks, which saw profits drop on souring mortgage loans and tight credit markets. But seeing weakness yesterday in industrial company earnings reports increased their nervousness.

"We've got a multitude of earnings that are less than optimal in spaces outside the financials," he said.