Small-Stock Focus: Tech Weakness Hits Nasdaq, Small-Cap Stocks As Authorities Halt Trading of Golden Books
NEW YORK -- Small-capitalization and Nasdaq stocks fell sharply, posting steeper losses than the rest of the stock market.</br></br>The Nasdaq Composite Index posted the sharpest decline of the major stock market averages. Since last setting an all-time high on Feb. 1, it has fallen 10.4%. The Nasdaq composite, at 2248.91, plunged 64.96, or 2.81%, yesterday.</br></br>The Russell 2000 index of small-capitalization stocks has dropped 8.8% since the end of January, and stands 20.7% below its April 21 record close. The index fell 6.86, or 1.73%, to 389.54 yesterday.</br></br>As has been the case since the current small-cap and Nasdaq pullback began, the groups' losses were fueled by the weakness of the technology sector. Stocks in a wide range of tech-sector industry niches fell substantially.</br></br>Meanwhile, the mania for hot new technology stocks continues.