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Tech plunge swamps Dow
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April 19, 1999: 4:14 p.m. ET
Nasdaq suffers second-worst day ever as investors punish tech stocks, Internets
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NEW YORK (CNNfn) - The ailing technology sector deepened its losses Monday, dragging the broader market down with it as investors allowed dread to overcome the morning's supply of strong earnings reports.
According to preliminary data, the Dow Jones industrial average fell 68.24 points to close at 10,425.65, bringing last week's five-session peak-to-peak rally to an end. Volume on the New York Stock Exchange was a heavy 1.2 billion shares, the market's second-busiest day ever, while advances beat declines by a margin of 1,927 to 1,198.
The technology-heavy Nasdaq Composite suffered the second-worst one-day plunge in its history, falling 137.17 points, more than 5.5 percent, to 2,346.87. The losses were only slightly behind Aug. 31, 1998, when the index sank 140.43 points.
The S&P 500 index joined its narrower compatriots in the red, sliding 31.38, nearly 2.4 percent, to 1,287.62.
The bond market profited as stocks' deepening losses drove wary investors back into the comparative safety of government securities. The benchmark 30-year Treasury bond gained 22/32 of a point in price, driving the yield down to 5.52 percent.
The dollar kept the euro in deep retreat after forcing the European currency to lifetime lows earlier in the session, but slipped against the yen. 
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