Profit warnings and job cuts took a heavy toll. The Nasdaq Composite Index fell a staggering 6.2% to 1,673 by the close of trading. The index had not been below 1,700 since Oct. 1998. The Dow Jones Industrial Average fell 3% to 9,485 and the S & P 500 Index dropped 3.4% to 1,106.
Trading volume was remarkable on Gemstar-TV Guide. More than 11.9 million shares changed hands compared with the company's average daily volume of nearly 4.1 million. Anchor Gaming, which owns United Tote, also took a big hit. The stock fell 10.7% to $55.23