Facebook Surges. Did the Markets Follow Its Lead?
The markets closed today in positive territory across the board. The S&P 500 and Dow Jones recovered from a rocky morning session thanks to a late charge by Facebook (FB), which closed above its IPO price for the first time ever. Wall Street seemed unfazed by the mixed results disclosed by today's jobs report. Investors are still waiting anxiously for a decision about the Fed's future plan for its bond buying program. Chevron (CVX) missed expectations with its earnings report .Its quarterly profit was down 26% from last year. In other news, the price of crude oil closed the day at $106.92 per barrel and the U.S. dollar fell slightly to euro and pound.
Word on the Street
- Facebook (FB) beats IPO price for first time. What did it close at?
- US only gains 162,000 jobs in July but unemployment drops to more than a four-year low.
- Consumer spending and inflation were on the rise in June.
- Chevron Corp (CVX) posts diluted earnings on downstream operations.
- Viacom (VIAB) boosts its stock buyback program and gains on positive earnings.
- What's going on with Dell? Looks like discussions have turned in a favorable direction for a private buyout.
Published on Aug 2, 2013By InvestorGuide Staff
Posted in ...Market Commentary