Author: 123jump.com Staff
123jump.com
Last Update: 4:14 PM EDT May 07 2008
U.S. stocks closed sharply lower after a broad sell-off sparked by a weakness in tech and financial stocks. S&P 500, Nasdaq and Dow Jones lost more than 1.8% and dragged markets in Latin America and Europe lower. Home sales are likely to keep fallling in according to index that tracks pending home resales. In the enertgy market, crude oil crossed $123 a barrel as specultors look for $130 price target in the near term. Cisco and Cognizant fell after the earnings.
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