U.S. stocks down as Oracle and Google tumble
Thursday, 27 March 2008, 07:00 Hrs
New York: Major U.S. stock indices were led lower Thursday by earnings worries at banks hit by the mortgage crisis and at technology giants Oracle and Google. Oracle, the third largest software firm, reported disappointing third-quarter results late Wednesday, causing its shares to fall by the most since November. Internet search firm Google's stock price declined after a researcher said clicks on its advertising sponsored links fell last month. Bank of America and JP Morgan's shares dropped after an analyst with Lehman Brothers lowered his earnings forecast for the two banks. Both are expected to post a sharp drop in first-quarter profits due to losses stemming from the ongoing credit crisis. The blue-chip Dow Jones Industrial Average lost 120.40 points, or 0.97 percent, to 12,302.46. The broader Standard & Poor's 500 Index was down 15.37 points, or 1.15 percent, to 1,325.76. The technology-heavy Nasdaq Composite Index dropped 43.53 points, or 1.87 percent, to 2,280.83. The U.S. currency climbed against the euro to 63.38 euro cents from 63.10 euro cents Wednesday. The dollar also rose against the Japanese currency to 99.65 yen from 99.16 yen Wednesday.