Stocks Dip on Tough Tech Day

Oracle and Google news hurts markets
By Jonas Oransky,  Newser Staff
Posted Mar 27, 2008 3:28 PM CDT
Trader Vincent Quinones.   (AP Photo/Richard Drew)
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(Newser) – The markets fell today on weak news from the tech and financial sectors. The Dow dropped 120.16 points to 12,302.7, the Nasdaq fell 43.53 to 2,280.83, and the S&P closed down 15.36 at 1,325.77, MarketWatch reports. Disappointing results from bellwethers Oracle and Google sent techs downward, and Lehman Brothers, Bank of America, and JP Morgan also had bearish news.

One watcher wasn’t too worried—“we’re starting to see some softness in there, but it’s not a big slide.” Still, HP, Intel, Microsoft, and SAP all traded lower on Oracle’s weak-third quarter revenue and Google’s lower ad clicks. In good news, the Commerce Department said its 0.6% estimate for GDP growth would stand, first-time state unemployment claims fell last week, and the dollar traded strongly.