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US stocks drop on Cyprus, weak earnings

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(Globalpost/GlobalPost)

US stocks fell Thursday, hit by uncertainty over the Cyprus banking crisis and some surprisingly weak corporate earnings.

At the closing bell, the Dow Jones Industrial Average fell 90.39 (0.62 percent) to 14,421.34.

The broad-based S&P 500 dropped 12.91 (0.83 percent) to 1,545.80, while the tech-rich Nasdaq Composite Index gave up 31.59 (0.97 percent) to 3,222.60.

The retreat came after the European Central Bank said it would halt emergency funding to Cyprus' banks unless the country reaches a bailout deal by Monday. The Cyprus crisis has revived concerns about eurozone stability.

Markets were also troubled by a weak earnings report from technology company Oracle, which came a day after FedEx disappointed investors, announcing that its quarterly earnings were hit by weak international results.

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http://www.globalpost.com/dispatch/news/afp/130321/us-stocks-drop-cyprus-weak-earnings