Stocks fell sharply on Monday, erasing a substantial advance by blue chips as concerns over political tensions with China intensified ‘Wall Street's’ ongoing case of jitters. The Dow Jones industrials had risen as much as 113 points early on Monday as investors shrugged off an earnings warning from American Express to take advantage of cheaper stock prices. But the overall market fell after President George W Bush demanded China arrange the prompt and safe return of 24 US crew members and their spy plane that made an emergency landing on the Chinese island of Hainan on Sunday. The Dow closed down 100.85 at 9,777.93. “The blue chip index's swing from sharp advance to sharp decline shows the nervousness of the market,” said Arthur Hogan, chief market analysts at Jefferies Co. The market's broader indicators also fell. The Nasdaq composite index tumbled 57.29 to 1,782.97. The last time the Nasdaq closed lower was on October 30, 1998 when it stood at 1,771.39. The standard poor's 500 index declined 14.46 to 1,145.87. Before Bush's comments, investors were bargain hunting while still trading cautiously on the belief that the economy and earnings will remain weak for the foreseeable future. But with the market extremely unsettled after weeks of volatility, investors decided against taking any chances amid more uncertainty, and so they began to sell. Bureau Report