The Dow Jones industrial average soared more than 300 points on Wall Street yesterday as investors moved money that has streamed out of the technology sector this week into long-forgotten industrial stocks.

The Dow rose 320.17, or by 3.3 per cent, to close at 10,131.41. It was the fourth biggest point gain yet for the Dow, but was not close to a record in percentage terms. The blue-chip index rose as much as 368.41 points before slipping back a bit.

Meanwhile, investors continued shedding technology shares. The Nasdaq composite index fell 123.94, or 2.6 per cent, to close at 4,582.64, bringing its loss for the past three days to 465 points, or 9.2 per cent.

The Standard and Poor's 500 rose 33.01 to 1,392.16.