Strong earnings from Oracle did little to help the broader market Friday, as investors fretted about an unexpected drop in durable orders ahead of next week’s Federal Reserve meeting.
Oracle gained 4% after reporting strong application and database sales late Thursday, its second bit of good news in a week. The company also raised sales guidance.
But Oracle’s good news did little to help the rest of the market, which finished lower in seesaw trade.
The Nasdaq slipped 1 to 2121, the S&P 500 lost 1 to 1254, and the Dow fell 30 to 10,989. Volume declined to 2.02 billion shares on the NYSE, and 1.61 billion on the Nasdaq. Decliners led by exactly three issues on the NYSE, and by a 15-14 margin on the Nasdaq. Upside volume was 57% on the NYSE, and 45% on the Nasdaq. New highs-new lows were 26-185 on the NYSE, and 48-126 on the Nasdaq.
Yahoo rose 2% after Merrill Lynch said the company would make an attractive acquisition target for Microsoft
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Blackboard soared 15% after raising guidance.
Tektronix lost 7% on its results.