THE Dow Jones industrial average closed sharply lower yesterday after being hit by a series of computerised programme trades that first sent the index plunging about 90 points and then nearly wiping out all of the losses.

The Dow ended down 59.27 points, or 0.88 per cent, at 6,696.48. On Thursday, it rose through the 6,900 level for the first time before ending 94 points lower.

In the broader market, declining issues led advances 16-8 on heavy volume of 546 million shares on the New York Stock Exchange.

Bond prices were also hurt, following supply pressures from this week's auction of new Treasury securities and some weakening in the dollar.