There were 880 new lows on the high-tech Nasdaq index, while some of the biggest names in technology are now worth less than half their market value just a few months - or even days - ago.

BBC: Tech shares battered on Wall Street

On the first day of trading in the new year, America's high-tech Nasdaq Composite index fell 7.2% as investors worried about falling profits and the state of the economy.

ECONOMIST: Rates come down

Even the still-giddy Nasdaq index masks the hits a number of high-tech equities have taken.

FORBES: Fact and Comment

And there is no sign of the widespread mania in the high-tech world that occurred last time around: the NASDAQ stockmarket index, a bellwether for the tech industry, has been rising but is still far below its peak of March 2000.

ECONOMIST: Silicon Valley and the technology industry

The tech-heavy index hit its high on March 10, 2000, when it closed at 5048.62 more than 1, 700 points, or 55%, above its current level.

WSJ: Nasdaq Composite Is Far Behind in Record Race