Tech Stocks Fall Sharply on Wall Street

The technology heavy Nasdaq composite index fell sharply Monday on profit-taking after its strong performance in recent weeks. The Dow Jones industrial average scored a moderate gain.

At the close of session, the Nasdaq index fell 141.38 at 4,907.24, its fourth-worst point loss in history. The index fell as much as 209.36 points in early trading.

Broader stock indicators were mostly lower. The Dow index rose 18.31 at 9,947.13 and the Standard & Poor's 500 index fell 11.45 at 1,383.62.

The Nasdaq index fell as investors sold shares to lock in profits from the dramatic rise in the previous sessions. The index rose 430.97 points in the past two weeks.

The composite rose 24 percent as of last Friday's close and is still up 21 percent this year after today's big drop.

Selloff in the Asian and European markets also had a negative impact on the Nasdaq index at the start of trading. Japan's Nikkei stock average fell 2.8 percent after the Japanese government announced the economy shrank more than expected in the final quarter of 1999 while Germany's Xetra DAX index fell 3.5 percent.

The NYSE index fell 4.73 at 594.61 and the American Stock Exchange index fell 14.47 1,018.86. The Russell 2000 index of smaller companies fell 13.67 at 590.14.

Declining issues outnumbered advancers by an 8-to-5 margin on the New York Stock Exchange, with 1,880 down, 1,154 up and 453 unchanged.

NYSE volume declined to 992.38 million shares from 1.13 billion in the previous session, according to preliminary calculations.

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