Falling oil prices, bad news from HP send stocks slightly lower
BY Wire Reports
Wednesday, November 21, 2012
11/21/12 at 2:36 AM
Falling oil prices and a surprise announcement from Hewlett-Packard weighed on technology and energy stocks Tuesday.
HP plunged 12 percent after executives said that a company HP bought for $10 billion last year lied about its finances. CEO Meg Whitman said that there were "serious accounting improprieties" at the search-engine company, Autonomy. To account for it, HP took an $8.8 billion charge in its latest quarter. HP's stock lost $1.59 to $11.71.
A warning from the Federal Reserve chairman, Ben Bernanke, about the dangers of the "fiscal cliff" also weighed on the market in afternoon trading.
But the stock market crept higher through the late afternoon and ended the day flat. The Dow dropped 7.45 points to close at 12,788.51. The Standard & Poor's 500 index gained 0.92 point to 1,3827.81.