The Nasdaq Composite Index dropped 3.4% as the market's major gauges hit session lows late this morning.
Dow Jones Industrial Average
was down 145 to 7697. The
was down 21 to 996, while the Nasdaq Composite was down 58, or 3.4%, to 1636 and the
was down 10 to 353.
The 30-year Treasury bond was recently up 1 3/32 to 109 10/32, yielding 4.90%.
New York Stock Exchange
, 2,196 decliners were leading 735 advancers on 380 million shares.
Nasdaq Stock Market
losers were beating winners 2,883 to 665 on 379 million shares.
On the NYSE, 195 issues were at 52-week lows while 53 were at new highs. On the Nasdaq, 232 issues were at new lows while new highs totaled 5.
Tech heavyweights like
were getting hit. Cisco was off 4 11/16, or 7.6%, to 57 1/8, while Dell dropped 3 11/16 to 62 1/16.
Among the technology indices today, the
Morgan Stanley High-Tech 35
index was down 4.6%, the
Philadelphia Stock Exchange Semiconductor
index was down 1.7% and the
American Stock Exchange Inter@ctive Week Internet
index was down 6.7%. Among the Internet stocks getting buried:
, off 6 7/8, or 5.3%, to 122 5/8, and
, down 6 3/8, or 5.7%, to 105 1/4.
In the Newsletters
operating system "got a ringing endorsement from the corporate world" this week, when
announced investments in
Red Hat Software
, a company that produces the commercial version of the open source software, according to a story on
Computer Reseller News'
World Wide Web site today.