Issue link: https://www.epageflip.net/i/94681
8B Daily News– Wednesday, November 21, 2012 Falling oil prices and a sur- prise announcement from Hewlett-Packard weighed on technology and energy stocks Tuesday. NEW YORK (AP) — after executives said that a company HP bought for $10 billion last year lied about its finances. CEO Meg Whitman said that there were ''serious accounting improprieties'' at the search-engine compa- HP plunged 12 percent Stocks end flat after HP shocker and Fed warning Wall Street ny, Autonomy. To account for it, HP took an $8.8 billion charge in its latest quarter. HP's stock lost $1.59 to $11.71. A warning from the Fed- eral Reserve chairman, Ben Bernanke, about the dan- gers of the ''fiscal cliff'' also weighed on the market in afternoon trading. The Dow Jones industrial aver- age dropped as much as 94 points shortly after Bernanke spoke. But the stock market crept higher through the late afternoon and ended the day flat. The Dow dropped 7.45 points to close at 12,788.51. The Standard & Poor's 500 index gained 0.92 point to 1,387.81. On Monday, the Dow soared 207 points as investors focused on prospects for a deal between the White House and con- gressional Republicans to avoid the cliff, tax increases and government spending cuts set to take effect Jan. 1. In a speech to the Eco- nomic Club of New York on Tuesday, Bernanke urged Congress to take action. Asked in a Q&A session whether the Fed could limit the economic hit posed by the budget-tightening mea- sures, Bernanke said: ''If the economy goes off the broad fiscal cliff, I don't think the Fed has the tools to offset that.'' financial markets to turn tur- bulent when Congress returns from its Thanksgiv- ing recess and begins bar- gaining with the White House to avoid the fiscal cliff. Many investors expect Rowe Price's U.S. equity group, said that if those negotiations stretch into late December, the stock market could resemble the wild trading of August 2011, when markets flipped from big gains one day to steep losses the next. John Linahan, head of T. Energy stocks and the price of crude oil fell after the president of Egypt pre- dicted that Israel's week- long offensive in the Gaza Strip would end in hours and the Israeli prime minis- ter said Israel would be a ''willing partner'' to a cease-fire. Crude oil was down $2.53, or 2.8 percent, to $86.75 per barrel. It traded above $89 earlier in the day. Energy stocks in the S&P slipped 0.4 percent as a group. Tech stocks fared the worst, losing 0.6 percent. FAMILY CAREGIVER CONFERENCE FREE EVENT! Laughter for the Health of It by Roberta Gold, R.T.C. The Incredible Brain! Dodging Diseases by Melissa Jourdain, MS November 28th 9:00 am – 3:00 p.m. (lunch included) Gaia Hotel in Anderson www.CaregiverConference2012.eventbrite.com *Pre-registration required* Mountain Caregiver Resource Center of Passages www.MountainCRC.org ~ 800-995-0878 Tehama County 4 years in a row! VOTED BEST in Heater service package Duct Cleaning and AIR CONDITIONING & HEATING FULL 43%OFF TM www.bickleys.com Save money on your heating bills this winter Free ESTIMATES on a new YORK AFFINITY COMFORT SYSTEM Financing available OAC 527-7188 CA.ST. Lic 754681 Call the Bickley Boys Your Partners in Comfort