Markets were flat across the board in trading today, partially due to lower-than-average volume and a booming week that has left investors wary of high prices. The Dow posted a gain of 24.29 points to close out the day at 18,144.07. The S&P 500 was up 1.35 points to 2,124.20, and the NASDAQ added another 6.13 points to close at 5,160.10.
Facebook (FB) Hits All-Time High, Rest of Social Media Lags
Shares of Facebook (FB), the social media behemoth, hit an all-time high in trading today. Facebook gained 3.14 points and closed the day at $87.88. Meanwhile, Twitter (TWTR) and LinkedIn (LNKD) -- two of Facebook's major competitors -- were both flat on the day.
The digital storage segment of the Technology sector was under siege today. Two of the major players in the segment, Seagate Technologies (STX) and Western Digital (WDC), both fell today on news that sales have hit a slump. Seagate was down 3%, or 1.58 points, to close at $52.29 per share. Western Digital, which makes hard drives as well, fell 3 points to $88.62.
Euro Falling Toward Record Lows Again
Prior to 2008, the Euro had a reputation for being a stable, high-value currency with healthy backer nations and a big role to play in the future. Now that we're in the aftermath of the biggest economic downturn since the Great Depression, things have changed for the currency.
To begin with, the Euro is now volatile and getting increasingly more so. The member nations, which were selected on the basis of their healthy economies and public policy, have become littered with states like Greece that appear to have no recovery plan. Rather than being a large part of the future of Europe, the Euro looks more and more likely to collapse entirely.
In trading today, the Euro fell another 1.45 points versus the US dollar. The exchange rate is creeping toward record lows, and there doesn't seem to be any stability on the horizon for Europe. While Japan and China recover alongside the US, the European recovery is more comparable to South America's current fiscal situation than our own in the US.
Regardless of whether the Euro rises or falls tomorrow, it's on the brink of insolvency in the mid-term. All it would take is another day like today for the currency to hit all-time record lows. In the long run, that's just not a tenable position to hold while the rest of the world -- and their currencies -- recovers.