Saturday, 17 December 2016

Tech drags Wall Street lower; China tension weighs

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US stocks fell on Friday, weighed by a more than 4 percent drop in Oracle shares, while recently battered stocks in the real estate and utilities sectors posted the largest gains. Oracle dropped 4.3 percent to USD 39.10 after its adjusted revenue missed analysts' estimates. The stock was the biggest drag on the S&P and the tech sector. Analysts said that investors were anxious and turned to defensive sectors in stocks as well as US Treasuries after a report that a Chinese Navy warship seized a US underwater drone on Thursday in international waters in the South China Sea. 

The news about the drone seizure "turned it to a risk-off day," said Jim Paulsen, chief investment strategist at Wells Capital Management in Minneapolis. "At a minimum the headline hits you. It's not often you have two world powers getting this frontal."

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