Stocks fell yesterday on Wall Street, led by technology and banking shares, as Asia's economic crisis continued to erode profits at US multinational companies. The Dow Jones industrial average dropped 70.87 points at 7,978.79, having reclaimed some of its loss of more than 100. Broad market indexes were lower as well.

"We're starting to see a clearer picture of the after-shocks or fallout from the currency crisis in Asia," said First Albany Corp's market strategist, Hugh Johnson.

The concern about US vulnerability to problems in Asia is coming at an inopportune time for stock investors, because valuations on Wall Street are already very high, said Larry Wachtel, market strategist at Prudential Securities.

The technology-heavy Nasdaq composite index was showing its second steep loss in as many days. Dow component IBM was off sharply. Compaq Computer was also down in leading volume on the Big Board.