The Nasdaq composite index fell nearly 200 points yesterday, sinking to its lowest close since last November and erasing nearly all its spectacular gains, as investors once again dumped technology names.

The index fell 199.52 to 3,164.29. It was its lowest close since November 10th when the index was in the earliest stages of its dramatic ascent. With today's losses, the Nasdaq is a stunning 37 per cent below its March 10th closing record of 5,048.62.

The Russell 2000 index of smaller companies fell 7.31 to 464.36.

Once again, the weakness in technology stocks undermined the broader market. The Dow Jones industrial average, which flirted with positive territory at several points, finished down 120.28 at 10,422.27.