Stocks in New York stumbled yesterday in the wake of a widespread sell-off abroad. Technology shares came under intense selling pressure following the sector's dramatic rise in recent weeks.

The Nasdaq fell 141.30 to close at 4,907.32, its fourth-worst point drop in history. The index had fallen by as much as 209.36 shortly after the opening bell.

Analysts attributed the wave of selling to investors eager to lock in profits from the Nasdaq's sharp rise this year. Even after yesterday's sell-off, the index is up 21 per cent since the start of 2000.

Other market indicators fared better. The Dow Jones rose 18.31 to 9,947.13, having recovered from a loss of as much as 190.49 within minutes of the start of trading.

The Standard and Poor's 500 fell 11.47 to 1,383.60, while the Russell 2000 index of smaller companies fell 13.67 to 590.14.

Declining issues outnumbered advancers by an eight-to-five margin, with 1,880 down, 1,154 up and 453 unchanged.