Stocks close lower on Wall Street

Oracle's weak sales weigh down big technology companies

3/22/2013

NEW YORK -- Stocks closed lower on Wall Street today after Oracle's weak sales results weighed down big U.S. technology companies. Traders are also worried about Cyprus running out of time to avoid bankruptcy.

Major indexes followed European markets lower at the open and remained negative all day. The Dow Jones industrial average fell as much as 129 points by mid-afternoon before paring the loss to close down 90 points.

All three major indexes felt the drag from technology stocks after Oracle reported an unexpected decline in sales in its fiscal third quarter. Oracle's results have an outsized impact on other technology stocks because it reports earlier than most of its peers.