Nasdaq Tanks, Building on Last Week's Big Losses

A large drop in Internet stocks sent the tech-heavy index reeling.
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The tech stock-dominated

Nasdaq Composite Index

, which tumbled 6% last week, started this week on a horrid note, dropping 2.7%.

Year to date, however, as of today's close, the Nasdaq Comp is up roughly 19.5%.

Internet stocks got hammered. Leading

TheStreet.com Internet Sector

index lower was

Yahoo!

(YHOO)

, which was off 11 1/2, or 7.9%, to 134 5/16.

Stocks slumped again on interest rate jitters as the lingering negative effects of

Federal Reserve

Chairman

Alan Greenspan's

testimony before the

House Banking Committee

last week continued to send shivers through the market.

On the

New York Stock Exchange

, decliners beat advancers 2,028 to 959 on 616.6 million shares. On the

Nasdaq Stock Market

, losers beat winners 2,690 to 1,301 on 837.4 million shares.

On the NYSE, 102 issues set new 52-week lows while 22 touched new highs. On the Nasdaq, 65 issues set new 52-week lows while new highs totaled 61.

On the Big Board,

America Online

(AOL)

was most active, with 28.1 million shares changing hands. It was down 8 1/4, or 7.6%, to 99 11/16.

Bloomberg

reported that AOL execs sold 4 million shares of stock in block trades today.

On the Nasdaq,

Microsoft

(MSFT) - Get Report

was most active, with 25.5 million shares changing hands. It was down 2 9/16 to 87 3/4.

Market data above are preliminary. Updated numbers and analysis will follow in the Market Roundup

Earlier...

3:09 p.m.: Nasdaq Near Session Lows

Internet stocks were getting crushed this afternoon, helping drag the

Nasdaq Composite Index

to its session bottom.

1:56 p.m.: Tech Sector Continues to Lead Decline

Technology stocks continued deep in the red this afternoon amid a broadbased decline in the market, while

American Express

(AXP) - Get Report

recently reported second-quarter earnings that beat Wall Street estimates by a penny. (More on American Express below.)

1:24 p.m.: Midday Musings: Comeback Try Leaves Bulls All Wet

12:02 p.m.: Stocks Come Off Session Lows

The tech-laden

Nasdaq Composite Index

continued to suffer a sizable decline, while the

Dow Jones Industrial Average

and the

S&P 500

briefly rose above water, only to drift back down.

10:54 a.m.: Nasdaq Leads Market Downturn

The

Nasdaq Composite Index

was piling onto the steep losses it suffered last week, when it swooned 6%, but has managed to drag itself off its session low.

9:54 a.m.: Stocks Tumble at Open as Tech Sector Drops

The tech sector was getting pounded early on and was leading the market on the downside, as interest rate jitters in part continued to weigh on stocks.