Dow Down 145; Nasdaq Hits New Low

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Last updated at: (Beijing Time) Thursday, June 20, 2002

Dow Down 145; Nasdaq Hits New Low

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Warnings from Apple, Advanced Micro Devices and Ciena sparked a technology selloff Wednesday, sending the Nasdaq composite index to a new low for the year as Wall Street grew more pessimistic about the timing of a business turnaround. The Dow Jones industrials tumbled more than 140 points.

The downward momentum was accelerated by the second suicide bombing in Israel in as many days. Analysts said the crisis gave investors already skeptical about second-quarter earnings another reason to stay away.

The Dow closed down 144.55, or 1.5 percent, at 9,561.57, wiping out more than half its 231-point gain the first two days of the week. It was the Dow's fifth-triple digit move in seven sessions.

The technology-focused Nasdaq slid 46.13, or 3 percent, to 1,496.83. The last time the Nasdaq closed lower was Oct. 2, when it stood at 1,492.33.

The Standard & Poor's 500 index dropped 17.15, or 1.7 percent, to 1,019.99.

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