Issue link: https://www.epageflip.net/i/116987
10A Daily News – Friday, March 22, 2013 Weak Oracle sales, Cyprus fears weigh on US stocks NEW YORK (AP) — Stocks closed lower on Wall Street Thursday after Oracle's weak sales results weighed down big U.S. technology companies. Traders also worried about Cyprus running out of time to avoid bankruptcy. Major indexes followed European markets lower at the open and remained solidly negative all day. The Dow Jones industrial average fell as much as 129 points by mid-afternoon Welcome to Wall Street before paring the loss to close down 90 points. All three major indexes felt the drag from technology stocks after Oracle reported an unexpected decline in sales in its fiscal third quarter. Oracle's results have an outsized impact on other technology stocks because it reports earlier than most of its peers. European markets had closed sharply lower. The main indexes in Paris and Frankfurt fell 1.4 percent and 0.9 percent, respectively, on fear that the crisis in Cyprus will intensify. The European Central Bank has threatened to end emergency support of the nation's banks next week unless leaders can secure more funding. Cyprus must raise about $7.5 billion in the next four days to avoid bankruptcy. Investment Consulting LLC in Charlotte, N.C. Cross spent his day focused on headlines from Europe, rather than digesting happier news about hiring and home sales in the U.S. Oracle was the biggest decliner in the S&P 500 index; Juniper Networks also fell steeply. The S&P 500 closed down 12.91 points, or 0.8 percent, at 1,545.80. The Dow dropped 90.24 points, or 0.6 percent, to Several plans have failed, including a proposal to tax deposits held by the nation's banks. If the Mediterranean banking haven is unable to secure a bailout, its banks will fail and it could be forced to leave the euro currency. Worries about that scenario first hit stock markets Monday. ''It's amazing how quickly things can turn back to Cyprus and Europe,'' said Oliver Cross, director of research with Carolinas 14,421.49. Cisco was the Dow's biggest loser, followed by H-P. IBM also lost ground. The Nasdaq, which is weighted heavily toward tech stocks, fell a full percentage point. It closed down 31.59 points at 3,222.60. The yield on the 10-year U.S. Treasury note fell to 1.92 percent from 1.96 percent earlier Thursday as demand increased for ultrasafe investments. GROWNEY MOTORS (530) 527-1034 1160 MAIN ST., RED BLUFF 0% Financing For 72 Months on Select New Vehicles. Serving the North State Since 1922 Para mas informacion en Español, Llame Alex www.geogrowney.com BUICK Cool Deal OAC We Aim To Please Cool Deal Cool Deal 2007 CHEVY AVALANCHE 4X4 2007 PONTIAC G6 2006 CHEVY 1500 4X4 LEATHER, DVD PLAYER. CONVERTIBLE, LEATHER AUTOMATIC, EXTENDED CAB. 19,995 14,995 $ #283813 $ #155458 4X4 LEATHER 2001 DODGE RAM 1500 2010 DODGE 2500 CREW CAB, LOW MILES. #148088 33,495 $ 6 CYL. #202534 LEATHER, LOADED. NICE. #284889 39,995 $ 2012 HYUNDIA SONATA 2005 BUICK LESABRE QUAD CAB. #243202 10,995 $ PRIOR RENTAL 2009 GMC YUKON DENALI 9,995 $ 4 DOOR, GOOD MPG.. #310597 17,995 $ PRIOR RENTAL 2010 DODGE GRAND CARAVAN 2012 CHEVY 1500 STOW & GO SEATS. #408275 6,999 $ #162022 16,995 $ 2010 Z71 CREW CAB LONG BED, 2 WHEEL DRIVE. $ #116101 19,995 4X4, LOCAL TRADE. #160059 ALL PRICES PLUS SALES TAX, LICENSE FEES, DOC FEES, ANY FINANCE CHARGE, ANY DEALER PREPARATION CHARGE, ANY EMISSION CHARGE, ANY DOCUMENTATION PREPARATION CHARGE, ANY SMOG FEES AND ANY TIRE FEES. ALL VEHICLES SUBJECT TO PRIOR SALE & CREDIT APPROVAL. SALE EXPIRES MARCH 28, 2013 18,995 $