US STOCKS tumbled as the new year rally ran out of steam, with high-flying technology stocks showing the day's steepest losses. The Dow Jones closed off 145.21 points, or 1.51 per cent, at 9474.68. Profit taking in technology stocks ended the seven-day streak of record closes for the Nasdaq Composite, which shed 63.59 points, or 2.67 per cent, to 2321.

Meanwhile Intel, the computer-chip maker, reported fourth-quarter earnings up 18 per cent as revenue surged.