US stocks decline as Google dampen tech sector

Written by Agencies | New York, March 28: | Updated: Mar 28 2008, 20:41pm hrs
Disappointing revenue for software giant Oracle and concerns that Google may be in a similar situation dragged down technology stocks, while financials such as Lehman Brothers exacerbated market declines.

Technology stocks were the biggest laggard throughout the session as Oracle (Nasdaq) fell 1.51, or 7.2%, to 19.43, after it reported revenue growth below Wall Street expectations.

Google (Nasdaq) slid 14.11, or 3.1%, to 444.08, on concerns it might fall short of Wall Street's first-quarter revenue targets.

A report from ComScore indicated the number of US Internet users clicking on Google's search ads in February fell 3% from the previous month.

"The next hurdle for investors is the pre announcements on earnings season. You heard from Oracle today and I don't know that's a prelude to what we're going to see," said Steven De anctis, head of US small- and mid-cap strategy for Merrill Lynch.

Offsetting some of the weakness for technology and financials, stocks got an initial bounce from early economic reports that aid fourth-quarter gross domestic product rose an unrevised 0. % annual rate, while the number of US workers filing new claims for unemployment insurance fell last week.