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European shares edged lower, following several days of big losses. Britain's FTSE 100 fell 0.1 percent, Germany's DAX lost 0.6 percent and France's CAC-40 fell 0.1 percent. "The serious investors remain very concerned about the developments in Europe," said Jim Russell, regional investment director for US Bank Wealth Management in Cincinnati. "We think Facebook is a little bit of a sideshow. Great company. But maybe one that's valued on the high side of most people's tastes." The Standard & Poor's 500 index fell 9.64 points to close at 1,295.22. The Nasdaq composite index fell 34.90 points, or 1.2 percent, to close at 2,778.79. Hewlett-Packard fell 2.7 percent -- the biggest decline among the Dow's 30 stocks
-- after it said it might eliminate up to 30,000 jobs because of dwindling demand for personal computers. Gap fell 2.3 percent even though it issued higher guidance for the year. There were bright spots. Salesforce.com jumped 8.8 percent after the maker of web-based business software reported better-than-expected earnings and raised its guidance for the year. Foot Locker rose 8.3 percent after its quarterly profit jumped 36 percent, sprinting past Wall Street predictions and setting a company record for quarterly earnings. Yahoo rose 3.7 percent after Dow Jones' tech website AllThingsD.com reported that the web portal is close to a deal to sell a large part of its stake in China's Alibaba Group. Many investors view the Alibaba stake as Yahoo's most valuable asset. Oil prices fell $1.08 to $91.48. Along with stocks, oil has dropped rapidly in recent days because slowing economies use less of it.
[Associated
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