NEW YORK — Worries about technology earnings overtook Wall Street Wednesday, sending stocks tumbling on investors' growing fears that this spring's huge rally might have been premature.

        The intense sell-off, which forced the Nasdaq Composite Index down more than 4 percent, followed an earnings warning by tech bellwether Sun Microsystems. Analysts said Sun's late Tuesday announcement was an unwelcome reminder that many companies' second-quarter results are likely to be dismal.

        “I'm not concerned that we're going back into a bear market, but I am concerned that we're going to have a very deep correction,” said Hugh Johnson, the chief investment officer at First Albany Corp. “I wouldn't be surprised at all to see the Dow get below 10,500.”

        The Dow Jones Industrial Average closed down 166.50 at 10,872.64, a 1.5 percent drop. It was the blue chip index's lowest close since May 11, when the index reached 10,821.31, and its first finish below 11,000 in two weeks.

        Broader stock indicators also dropped sharply. The Nasdaq fell 91.04 to 2084.50, its lowest close since May 14. The technology-focused index, which has fallen the last three sessions, has dropped 10 percent since May 22, when it closed at a high for the year of 2,313.85.

        The Standard & Poor's 500 index slipped 19.85 to 1248.08, a 1.6 percent decline and its lowest close since May 11.

        While selling was spread across stock sectors, high-tech suffered the most.

        “We've really had a slew of negative technology and telecom news, and this obviously has caused a pretty significant pullback in the Nasdaq,” said Todd Clark at WR Hambrecht.

        “I'm a little bit concerned because we had a nice breakout on the upside a few weeks; and, if the market was in good shape, we should have been able to hold those levels. That has not happened.”

        Investors had been selling tech stocks as part of an expected pullback from the Nasdaq's rise of 41 percent this spring, as well as a Dow gain of 20 percent during the same period.

        Much of that buying was based on the assumption that earnings would improve in the fourth quarter, but Sun's warning revived concerns that the worst might not be over.

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