Markets Right Now: Facebook sinks tech stocks; Dow climbs
NEW YORK (AP) — The latest on developments in financial markets (all times local):
A steep drop in Facebook pulled technology stocks lower on Wall Street, even as other sectors climbed.
Facebook plummeted 19 percent Thursday after warning of slower growth ahead, erasing more than $100 billion in value.
Renewed optimism that the U.S. and Europe might make progress on easing trade tensions helped send several companies higher on Thursday. Caterpillar rose 1.5 percent.
Strong earnings reports also helped send stocks higher. Airlines, energy companies and consumer goods stocks rose.
Small-company stocks did better than the rest of the market.
The S&P 500 index slipped 8 points, or 0.3 percent, to 2,837.
The Dow Jones Industrial Average rose 112 points, or 0.4 percent, to 25,527. The Nasdaq composite slid 80 points, or 1 percent, to 7,852.
A steep drop in Facebook is pulling technology stocks lower, but other sectors are rising as investors hope for progress on trade talks.
Facebook plummeted 17.8 percent Thursday after warning of slower revenue growth. Ford fell 5 percent after announcing a big restructuring.
Qualcomm, Comcast and D.R. Horton rose after turning in solid results.
Gains in Boeing, 3M and Caterpillar helped lift the Dow Jones Industrial Average. Those companies would benefit if the U.S. and Europe make progress in defusing their trade fight.
The S&P 500 index slipped 1 point to 2,844.
The Dow gained 154 points, or 0.6 percent, to 25,569. The Nasdaq composite slid 54 points, or 0.7 percent, to 7,877.
Small-company stocks rose. More stocks rose than fell on the New York Stock Exchange.
Stock indexes are mixed in early trading on Wall Street as investors weigh the latest batch of corporate quarterly earnings reports.
Losses in technology companies mostly outweighed gains in banks and other sectors early Thursday.
Facebook plunged 17.8 percent after the company reported that its user base and revenue grew more slowly than expected in the second quarter as the company grappled with privacy issues.
Homebuilder D.R. Horton jumped 6.9 percent after reporting solid quarterly results.
The S&P 500 index fell 5 points to 2,840.
The Dow Jones Industrial Average gained 128 points, or 0.5 percent, to 25,543. The Nasdaq composite slid 75 points to 7,857.
Bond prices rose. The yield on the 10-year Treasury note fell to 2.96 percent.