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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Fri, 22 Mar 2013 11:32:06 GMT

U.S. stocks down amid negative economic data on the Euro-area

Most U.S. blue chips dropped yesterday, as economic data on the Eurozone's services and manufacturing output shrank more than estimated, sparking concerns over Euro-area's debt turmoil. In addition, the German purchasing managers' index slipped unexpectedly in March. The Dow Jones Industrial Average retreated 0.6%, or 90.24 points, to 14,421.49. All but one sector in the gauge inched lower. Cisco Systems

Fri, 22 Mar 2013 11:54:06 GMT

Treasuries rise amid Cyprus turmoil on Friday

U.S. Treasuries were little changed on Friday heading to a second weekly gain amid boosted demand for U.S. government bonds as a confidence of investor was hurt after Troika's demand for unprecedented levy on Cypriot bank account holders. The U.S. 10-year yields were little changed at 1.9% early on Friday London session following a nine-basis-points drop this week.

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