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Thursday 23 September 1999 23:02 BST

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STOCKS TOOK a late plunge after Microsoft's president, Steven A Ballmer, said technology shares were "absurdly" overvalued.

The Dow Jones average sank 205.48 points, or 2 per cent, to 10,318.59 - a 24-week low. The Nasdaq Composite suffered its worst slump in five months after Mr Ballmer said a "gold rush" mentality had pushed technology stock prices above their worth. The index dived 108.33 points, or 3.8 per cent, to 2,749.83, its biggest loss since 19 April.

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