Stocks Tumble on Concerns over Cyprus
Stocks fell sharply in trading on Thursday as concerns over Cyprus weighed down investors’ sentiment.
The Dow Jones ended the day 0.62% lower at 14,421.49, the S&P 500 ended the day 0.83% lower at 1,545.80, and the Nasdaq ended the day 0.97% lower at 3,222.60.
All sectors in the S&P 500 ended sharply lower. Technology sector led the losses in the S&P 500, ending the day 1.51% lower. Consumer Cyclical sector ended the day 1.32% lower, while Industrials ended the day 1.10% lower. Financials closed 1.04% lower.
Oracle Corporation (NASDAQ: ORCL) shares tumbled after the software company reported weaker than expected third-quarter results. Oracle shares ended the day 9.69% lower at $32.30.
Other major movers on Thursday included Cisco Systems Inc. (NASDAQ: CSCO), which ended the day 3.83% lower at $20.84, Lululemon Athletica Inc. (NASDAQ: LULU), which ended the day 1.28% higher at $64.70, FedEx Corp. (NYSE: FDX), which ended the day 2.65% lower at $96.50, and KB Home (NYSE: KBH), which ended the day 2.46% higher at $22.10.
On the economic front, a report from the Labor Department showed that initial jobless claims rose to a seasonally adjusted 336,000 last week. A report from the National Association of Realtors showed that existing home sales rose to an annual rate of 4.98 million last month. The Conference Board’s index for leading economic indicators also rose. Finally, a report from the Philadelphia Federal Reserve showed that factory activity grew in the mid-Atlantic region in March.
European markets fell sharply on Thursday, with the FTSE 100 Index in London closing 0.69% lower, and the CAC 40 Index in Paris closing 1.43% lower. Asian markets ended on a mixed note overnight, with the Nikkei 225 Index in Japan closing 1.34% higher, and the Hang Seng Index in Hong Kong closing 0.14% lower.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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