U.S. stocks ended Thursday’s session mixed, with the Dow closing at its highest level in five months and the broader market weighed by the worst single-session loss of value by a U.S. publicly traded company ever. Shares of Facebook tumbled nearly 19% on the day.
Meanwhile, the Dow Jones Industrial Average finished the session up about 113 points, or 0.4%, at 25,527, marking its third straight gain and its highest close since Feb. 26, according to FactSet data. The S&P 500 index meanwhile, ended 0.3% lower at 2,837, pressured by a sinking technology sector while the Nasdaq Composite Index finished the day off 1% at 7,852, a day after posting its 25th record of 2018. The story of the day, however, was Facebook’s historic slide as investors responded to disappointing guidance from the social-media giant during its earnings update, pointing to expectations for lower ad revenue in the wake of its Cambridge Analytica scandal.
Facebook’s decline marked its worst since it became a public company on May 18, 2012 and cut about $ 120 billion in value from its market capitalization, the steepest loss from a U.S. public company since Intel Corp. shed $ 90 billion back in 2000, according to WSJ Market Data Group. Because most stock indexes are market-cap weighted, Facebook’s powerful drop weighed mightily on the tech-heavy Nasdaq and the broader market, which tends to be market-cap pegged. Optimism for the Dow follows signs of a thaw in trade tensions between the U.S. and its trade partners in Europe.
Source : Market Watch
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Sumber : bpfnews.com