Dell, Cisco Hard-Hit as Nasdaq Leads Broad Slide

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The Nasdaq Composite Index dropped 3.4% as the market's major gauges hit session lows late this morning.

The

Dow Jones Industrial Average

was down 145 to 7697. The

S&P 500

was down 21 to 996, while the Nasdaq Composite was down 58, or 3.4%, to 1636 and the

Russell 2000

was down 10 to 353.

The 30-year Treasury bond was recently up 1 3/32 to 109 10/32, yielding 4.90%.

On the

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

Cisco

(CSCO) - Get Report

and

Dell

(DELL) - Get Report

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.

Tech Focus

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:

Yahoo!

(YHOO)

, off 6 7/8, or 5.3%, to 122 5/8, and

Amazon.com

(AMZN) - Get Report

, down 6 3/8, or 5.7%, to 105 1/4.

In the Newsletters

The

Linux

operating system "got a ringing endorsement from the corporate world" this week, when

Intel

(INTC) - Get Report

and

Netscape

(NSCP)

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.