The last thing traders will have wanted as they nursed their millennium hangovers was a serious case of the markets falling out of bed. Still, it has to be said they have kept a brave face as values head south, with analysts saying the adjustment - which has seen the Nasdaq alone lose almost 10 per cent of its value in less than a week - is healthy.

Between worries over inevitably rising interest rates and a new-found realism over proper values for technology stocks in particular, it could be a while yet before investors can return to the fray with any expectation of stability.