Stocks ended mixed on Wall Street as weakness in several tech companies offset gains in other parts of the market.
Facebook’s parent company, Meta Platforms, lost another one-fourth of its value after reporting a second straight quarter of revenue decline amid falling advertising sales and stiff competition from TikTok. That followed weak reports from Google’s parent company, Alphabet, and Microsoft.
The S&P 500 fell 0.6 percent and the Dow rose 0.6 percent. Meta’s slump pulled the Nasdaq down 1.6 percent. Markets got some encouraging economic news as the government reported the U.S. economy returned to growth last quarter, expanding 2.6 percent. Treasury yields fell.
- On Thursday:
- The S&P 500 fell 23.30 points, or 0.6 percent, to 3,807.30.
- The Dow Jones Industrial Average rose 194.17 points, or 0.6 percent, to 32,033.28.
- The Nasdaq fell 178.32 points, or 1.6 percent, to 10,792.67.
- The Russell 2000 index of smaller companies rose 1.99 points, or 0.1 percent, to 1,806.32.
For the week:
- The S&P 500 is up 54.55 points, or 1.5 percent.
- The Dow is up 950.72 points, or 3.1 percent.
- The Nasdaq is up 67.04 points, or 0.6 percent.
- The Russell 2000 is up 64.08 points, or 3.7 percent.
For the year:
- The S&P 500 is down 958.88 points, or 20.1 percent.
- The Dow is down 4,305.02 points, or 11.8 percent.
- The Nasdaq is down 4,852.30 points, or 31 percent.
- The Russell 2000 is down 438.99 points, or 19.6 percent.
The Epoch Times Copyright © 2022 The views and opinions expressed are those of the authors. They are meant for general informational purposes only and should not be construed or interpreted as a recommendation or solicitation. The Epoch Times does not provide investment, tax, legal, financial planning, estate planning, or any other personal finance advice. The Epoch Times holds no liability for the accuracy or timeliness of the information provided.