The Dow closed down -46.92 (-0.34%) at 13,880.62.

Wednesday and Thursday’s combined losses made for the biggest two-day drop in U.S. stocks this year. It will probably be the worst week of the year too. However, at this point, the Dow is still up for the year.

There were 9 Dow stocks up led by HPQ +2.40% on good earnings I presume (and its up another 6% in after-hours). Others were BA +1.64%, WMT +1.52% (earnings this morning), VZ, TRV, JNJ, MCD, GE and UNH.

Unchanged was CVX. It’s chart looks good.

The 20 Dow stock losers were led by BAC -3.22%, HD -3.10%, INTC -2.32%, CAT -1.81% and CSCO -1.63%.

The VIX was up +3.68% to close at 15.22.

Hewlett-Packard Company (HPQ) posted a 6 percent drop in fiscal first-quarter revenue of $28.4 billion, but it beat Wall Street expectations in a flat to shrinking personal computing market. HP also gave an outlook that came in higher than Wall Street expected. Analysts had on average expected HP to record revenue of $27.8 billion in the December quarter.

This is an about-face from the previous two quarters, when HP announced losses totaling $15.3 billion as the company accounted for past acquisitions gone bad. It looks like Meg Whitman is making some good choices. Meg Whitman will probably be on CNBC tomorrow if you’re interested (I haven’t checked).

The dollar was up against the euro, but was weaker versus the pound and Japanese yen.

Oil prices tumbled more than 2%. Yeahh!!!

However, the national average price of gasoline was up 1.2 cents to $3.778 per gallon. Hopefully it will take a hit tomoorw.

The price on the 10-year Treasury was up, pushing the yield down to 1.98% from 2.02% late Wednesday.