Market close: Tech stocks take a beating

Interest-rate anxiety pushed technology stocks lower Wednesday as the Nasdaq composite shed 121 points to close at 4,056.08. The Dow Jones industrial average shaved off 44 points to finish at 10,696.08.

Wednesday's steep losses came despite some strong earnings from tech bellwethers such as Intel Corp. (intc), Microsoft Corp. (msft) and Apple Computer Inc. (aapl).

Investors are awaiting Federal Reserve Chairman Alan Greenspan's testimony before the Senate Banking Committee Thursday for clues to what the Fed will do with interest rates next.

"I believe there is concern about Federal Reserve policy coming into the Greenspan speech," said Barry Hyman, market strategist for Ehrenkrantz, King Nussbaum Inc. Full story. -- Larry Barrett, ZDNet Inter@ctive Investor