Around the World's Markets: New York

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.