US Stocks dropped in late morning trading, in spite of higher than expected earnings results from Oracle Corp. and Nike Inc.
Oracle shares rose 7.7 percent to $22.36 after the world's largest maker of database software posted a 35 percent rise in fiscal second-quarter profit, above Wall Street's expectations. The company reported an 8 percent rise in revenue further indicating that profit in the current Q4 could grow 15 percent to 25 percent from the year-earlier period.
Nike, the biggest athletic-shoe maker, gained 3.6 percent to $66.11 on higher sales in China and Europe.
The Standard & Poor's 500 Index dropped 2.29, or 0.16 percent, to 11,450.71at 11:51 a.m. in New York. The Dow Jones Industrial Average was down 20.24, or 0.15 percent, to 13,187.03. The Nasdaq Composite Index slipped 11.85, or 0.46 percent, to 2,612.86. About four stocks gained for every one that fell on the New York Stock Exchange.
A report released by the Commerce Department said the economy grew at a 4.9 percent annual rate in the third quarter. Economists forecast the index of leading economic indicators fell in November for the third time in four months.