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Dow off 136;
Nasdaq down 4%

Associated Press

NEW YORK -- The Nasdaq composite index tumbled 4 percent today, sustaining its second-worst point drop in history, as biotechnology stocks plunged and investors continued taking profits from the Nasdaq's strong run this year. The Dow Jones industrials followed the Nasdaq, giving up early gains and closing sharply lower.

The Nasdaq fell 200.62 to 4,706.62. With yesterday's 141-point loss, the Nasdaq has shed 6.8 percent in two sessions. However, it is still up 15.7 percent so far in 2000. The Dow fell 135.89, or 1.37 percent, to close at 9,811.24. Selling pressure accelerated in the final half-hour of trading. The Dow is down 14.7 percent year to date.

The Standard & Poor's 500 fell 24.47, or 1.77 percent, to 1,359.15.

Decliners beat advancers by a 4-to-3 margin on the New York Stock Exchange, with 1,694 down, 1,287 up and 482 unchanged. NYSE volume totaled 1.088 billion shares vs. 995.72 million yesterday. The American Stock Exchange index was down 3.35 to 1,015.51; the NYSE composite fell 6.18 to 588.43; and the Russell 2000 index plunged 17.15, or 2.9 percent, to 572.99.

The price of the Treasury's 30-year bond was up 1 1/32 point, or $10.31 per $1,000 in face value; its yield fell to 6.11 percent from 6.16 percent late yesterday.

Stocks were not significantly affected by the latest evidence that the economy continues to grow rapidly.

The Commerce Department reported today that retail sales rose by 1.1 percent in February.