The Nasdaq composite was hammered for a second day yesterday, as a big sell-off in technology shares pulled the "new economy" index down almost 4 per cent. At the close, the Nasdaq was off 185.42 points (3.99 per cent) at 4,459.25.

Irish companies suffered - Trintech closed 13.75 per cent lower at $43 1/8, while SmartForce lost 8.52 per cent to close at $45 5/8. Iona, which lost 8.7 per cent in Dublin, ended 6.85 per cent lower in New York at $73 1/8.

In London, Baltimore lost nearly 9 per cent to finish at £86.30 sterling (€143).