Facebook sends Nasdaq tumbling, but trade optimism boosts Dow
By April Joyner NEW YORK (Reuters) - A plunge in Facebook Inc's shares pushed the Nasdaq down more than 1 percent on Thursday, the index's biggest one-day drop in a month, but industrial stocks rose after the United States and the European Union said they would negotiate on trade.
By April Joyner
NEW YORK (Reuters) - A plunge in Facebook Inc's
Facebook shares dived 19.0 percent, their biggest ever one-day percentage drop, after the social media giant forecast years of lower profit margins. The decline in Facebook shares weighed on the S&P 500 technology index <.SPLRCT>, which dropped 1.6 percent.
Shares of Amazon.com Inc
Shares of Twitter Inc
But while the Nasdaq and the S&P 500 slumped, the Dow rose, in part on the strength of industrial stocks. Industrials, which have been a bellwether of trade tensions, were lifted after U.S. President Donald Trump and European Commission President Jean-Claude Juncker agreed to work to resolve U.S. tariffs on steel and aluminium and Europe's retaliatory duties.
S&P 500 energy stocks <.SPNY> also advanced, ending the session up 1.0 percent, as oil prices rose on the disruption of some of Saudi Arabia's oil shipments.
"What we're seeing is the market broadening out, which is healthy," said Quincy Krosby, chief market strategist at Prudential Financial in Newark, New Jersey. "We need to see a rotation take place when the leadership is under pressure, and the high-flying tech names have been in the leadership position."
The Dow Jones Industrial Average <.DJI> rose 112.97 points, or 0.44 percent, to 25,527.07, the S&P 500 <.SPX> lost 8.63 points, or 0.30 percent, to 2,837.44 and the Nasdaq Composite <.IXIC> dropped 80.05 points, or 1.01 percent, to 7,852.19.
Another drag on the S&P and Nasdaq was Biogen Inc
Chipmakers, however, were a bright spot amid Thursday's declines. The Philadelphia SE Semiconductor Index <.SOX> rose 1.9 percent.
Shares of Advanced Micro Devices Inc
Shares of Qualcomm Inc
Advancing issues outnumbered declining ones on the NYSE by a 1.33-to-1 ratio; on Nasdaq, a 1.21-to-1 ratio favoured advancers.
The S&P 500 posted 52 new 52-week highs and five new lows; the Nasdaq Composite recorded 112 new highs and 73 new lows.
Volume on U.S. exchanges was 7.05 billion shares, compared with the 6.06 billion-share average for the full session over the last 20 trading days.
(Reporting by April Joyner; Additional reporting by Amy Caren Daniel in Bengaluru; Editing by Shounak Dasgupta, Susan Thomas and Jonathan Oatis)
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