US technology stocks fell for a third straight session yesterday as investors shifted money from the pricey shares that dominated trading in 1999 to blue-chip stalwarts such as Caterpillar, 3M and Procter and Gamble.
The Nasdaq composite index, dominated by technology stocks, fell 150.31, or 3.9 per cent, to 3,727.23. It was the second-largest point loss in history for the Nasdaq, which has tumbled nearly 10 per cent since closing at a new record on Monday.
Stocks continued the reversal of fortunes that has marked Wall Street this week. Technology stocks, which helped the Nasdaq composite to an unprecedented 86 per cent gain in 1999, have plummeted as investors lock in profits.
Meanwhile, cyclical companies, which thrive in a booming economy but languished last year in the frenzy for technology stocks, are soaring.
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