CURSOR is not a property, you've used a lot of deprecated presentational markup, and that comma inside the HTML tag is just plain wrong. You probably want:
<p>
<a
style="
cursor: url(img/test.ani);
font-family: 'Arial Black', Arial, sans-serif;
font-size: 90%;
font-weight: bold;
font-style: italic;
"
href="index.html"
target="_self"
>
Home
</a>
<hr>Don't use point font sizes. Point font sizes don't scale well between different resolutions (they're designed to describe text on printable media, not flexible media like the Web). Use a percentage instead, where 100% refers to the font size of the parent element, and 100% of the root element is the user's default font size. The 3 in a <font> tag (which is deprecated) is probably about 80% on an average resolution, if I remember correctly. Don't use deprecated presentational markup. Presentational markup is contrary to the spirit of the standards. Even if your page validates, it's still not much good unless you ditch the "old ways" of doing things. You should use HTML 4.01 Strict, and avoid any tags or attributes that describe how something should look rather than what information it contains; aside from a few of the table-related ones like cellspacing and cellpadding, they've all been replaced by CSS. The target attribute is also deprecated, on the grounds that you shouldn't be using frames or popup windows anyway.