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NEW YORK -- Skittish investors sold off tech stocks today, pushing the Nasdaq composite index down more than 100 points for the second trading session in a row and sending all three major market indicators into negative territory for the year. Dow off 69;
Nasdaq falls 107Associated Press
In light trading following the Presidents Day holiday weekend, the Nasdaq composite index tumbled 107.03 to 2,318.35. Today's loss built on the 5 percent fall the Nasdaq made on Friday, when it fell more than 127 points. Other market indicators also fell. The Dow Jones industrial average lost 68.94 to 10,730.88, while the broader Standard & Poor's 500 index declined 22.58 to 1,278.95.
Decliners outnumbered advancers more than 8 to 7 on the New York Stock Exchange. with 1,762 down, 1,314 up and 196 unchanged. Volume was 1.10 billion shares vs. 1.24 billion on Friday. The NYSE composite index fell 6.54 to 641.34, the American Stock Exchange composite index lost 6.70 to 922.77 and the Russell 2000 index finished down 8.14 at 491.14. The Treasury's 10-year note was unchanged at 99-1/4; its yield remained at 5.10 percent. The 30-year bond rose 2/32 to 98-7/8; its yield was unchanged at 5.45 percent.
Investors also punished PMC-Sierra, down $7.88 at $44.63, and Applied Micro Circuits, down $5.75 at $38.06. Both were downgraded by Credit Suisse First Boston, which cited poor business conditions and weak customer orders.