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Google News Byte: Tech Shares Lead Markets Lower

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Google News Byte: Tech Shares Lead Markets Lower

Google News Byte: Tech Shares Lead Markets Lower
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Google News Byte: Tech Shares Lead Markets Lower

by Wochit 1:12 mins

Disappointing earnings from two American technology giants, Microsoft and Google, weighed on markets after a stellar run that has seen Wall Street?s main indexes post a series of all-time highs. The Standard & Poor?s 500-stock index fell 0.2 percent, the Dow Jones industrial average lost 0.3 percent, and the Nasdaq composite slumped 0.9 percent. Stocks around the world have had a solid week, especially after the Federal Reserve chairman, Ben S. Bernanke, indicated that the central bank?s monetary stimulus may remain in place for longer than many in the markets had been predicting. Stock index futures were mixed, after the Dow and S&P 500 closed at record highs a day earlier, in the wake of disappointing results from tech giants Microsoft and Google. Stocks edged back from record levels in early trading, led by a slump in the technology sector after Microsoft and Google reported disappointing earnings. Microsoft fell sharply after the company wrote off $900 million for expected losses on its Surface tablet and reported declining revenues for its Windows operating system. Google dropped after it reported revenues that fell below analysts' forecasts, partly because the Internet search leader's ad prices took an unexpected turn for the worse.

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