Nasdaq tumbles as profit-taking continues

Wall Street share prices slumped yesterday as a big sell-off in tech shares pulled the market lower.

The Nasdaq tumbled 121.54 points (2.91 per cent) to close at 4,055.63 and the Dow industrials fell 43.84 points (0.41 per cent) to 10,696.08

The Standard and Poor's 500 shed 11.78 points (0.79 per cent) to 1,481.96.

On the bond market, the yield on the 10-year Treasury bond rose to 6.150 per cent against 6.141 per cent Tuesday, and on the 30-year bond to 5.913 per cent from 5.909. Bond prices and yields move in opposite directions.

Analysts said profit-taking weighed on tech shares, especially Microsoft and Apple, following earnings reports that suggested slower future growth.