Weak results from Oracle drag down tech shares
A disappointing earnings report from Oracle Corp. dragged technology stocks lower Wednesday. Uncertainty over whether Washington will extend a tax cut and surprisingly large loans by the European Central Bank to boost the region’s banks also gave investors reasons to sell stocks. The Nasdaq composite fell 40 points, or 1.5 percent, to 2,564 in afternoon trading. The Nasdaq index is heavily weighted toward technology companies, so Oracle’s decline had a big impact. Broader market indicators fell less. The Dow lost 30 points, or 0.3 percent, to 12,073. IBM Corp. fell 3.8 percent, the biggest decliner among the Dow’s 30 stocks. The Standard & Poor’s 500 index slipped 1.9 points, or 0.2 percent, to 1,239.