U.S. shares head for a second weekly decline in 2013

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Source: Dukascopy Bank SA
U.S. equities dropped on Thursday, with the S&P 500 falling down from trading close to its record high the day before on rising concerns about the European debt crisis. The uncertainty about Cyprus financial plan offset positive economic data on the world's largest economy, as the ECB said it might cut Cyrpus' banks off emergency funds. The S&P 500 Index tumbled 0.8% to 1,545.8. All except one sector declined. Oracle Corporation slumped nearly 10% to $32.30 after the company posted quarterly sales that missed analyst estimates, saying that its sales force lacked "urgency". Airgas Inc., a distributor of packaged gas in U.S.,  followed with a 5.2% decline after saying it might miss earnings estimate for the fourth quarter of its fiscal year. Jabil Circuit Inc. erased 4.5% to $18.60 to pace losses in industrial shares. Meanwhile, Yahoo! Inc. posted biggest rally as Oppenheimer & Co upgraded its stock rating.

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