Sindonews.com -stocks on the Wall Street stock exchange on Thursday local time trading ended following the Oracle Corp. earnings rectified that far from expectations. In addition, sentiment about the issue concerns Cyprus in European zone also became the trigger.
shares of Oracle Corp. (ORCL.O) slumped 9.7 percent to USD32,30, and became the biggest correction in the Nasdaq, a day after a disappointing revenue doubled due to sales under the target.
It was the biggest decline since December 2008.
The greater the stock correction at the end of the session following concerns over the financial condition in Cyprus are increasing. This happened right before the credit rating becomes junk level trimmed Cyprus.
The European Union gives the limit for Cyprus until Monday next week to get a Fund of funds untukmenyiapkan bailout of 10 billion euros or face a collapse of the financial system and possibly out of European contention.
"I think the way is not going to be a quick solution to cope with the situation and it is not easy to predict what will happen. The uncertainty will make investors sell stocks, especially in a market that has experienced a rise in two weeks, "said Wedbush Securities Equity Trading Director, Michael James, as reported by the Reuters, Friday (22/3/2013).
Investors fear a collapse of the banking system in Cyprus will tighten credit in the European zone and into other hambata to get out of the economic crisis. This adds to the concern, the u.s. economy data also cannot reach the target expected.
While The Dow Jones industrial average (DJI) was down 90,24 points or 0,62 percent to,49, The Index 14.421 Standard & Poor 500 (SPX) dropped 12,91 points or 0,83 percent to 1.545,80, and Nasdaq Composite Index (IXIC) lost 31,59 points or 0,97 percent to 3.222 .60.
Finance; Investment; Business; Economics
Finance; Investment; Business; Economics
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