Is the Party Over?

It was not a happy New Year for tech stocks, but the selling should subside--at least for now

Who says the Y2K bug was a hoax? When Wall Street fired up its computers on the first day of trading this year, the things clearly weren't working right. Sell orders? No way! But sellers, mia most of last year, had indeed arrived--in big numbers and with all the highflyers as their targets. Millennial darlings began to break down like virus-ridden websites, from the supercharged (Qualcomm, Oracle) to the superhyped (Amazon, Yahoo!) to the just plain super (Sun, Lucent, AOL).

The tech-rich NASDAQ, which emerged last year as the stock market's most important index, shed nearly 10% of its value in...

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