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Topic - Uri Landesman
Stocks fell on Wall Street on Thursday as Oracle's weak sales results weighed down big U.S. technology companies. Traders also worried about Cyprus running out of time to avoid bankruptcy.
Stocks were little changed on Wall Street after recouping losses from an early sell-off caused by concern that a bailout plan for the Mediterranean island nation of Cyprus would reignite the European debt crisis.
Stocks moved higher on Tuesday, with the Dow Jones industrial average edging closer to a record, following strong earnings from Avon and Michael Kors.
Stocks posted solid gains for the third quarter, although the ride got bumpy at the end.
Relentlessly gloomy reports about the health of the world economy rocked Wall Street on Thursday, stirring more worry about the stalled recovery and sending the stock market to its second-worst decline this year.
Investors on Wednesday all but forgot the previous day's burdens and sent stocks soaring. It was a stark turnaround from the day before, when they'd pushed the market into a free-fall on worries about European debt and corporate earnings in the U.S.
Stocks edged higher Friday afternoon as spreading optimism about the U.S. economy boosted companies that benefit from broad economic growth. BlackBerry maker Research in Motion plunged after slashing its forecast for holiday sales.
News that Greece will scrap a referendum on unpopular budget cuts and an unexpected interest rate cut in Europe sent the Dow Jones industrial average up nearly 210 points Thursday, the second day in a row of big gains.
U.S. stocks are benefiting from money flowing out of other investments such as bonds and overseas stocks, he added.
He said stocks aren't likely to go higher in the next few weeks.