Markets Right Now: Facebook sinks tech stocks; Dow climbs
The latest on developments in financial markets (all times local):
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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.
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