Nasdaq Slumps as Facebook Suffers Biggest One-Day Drop Ever

Thursday, 26 July 2018 23:46 WIB

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U.S. stocks mostly fell on Thursday, with technology stocks leading the Nasdaq sharply lower as Facebook shares plummeted in their biggest one-day drop ever following disappointing quarterly results.

Facebook, due to its size and weight in the market, cast a negative light on the session, which was otherwise largely strong. Eight of the 11 primary industry groups rose on the day, which put the Dow into positive territory and limited declines in the S&P 500.

The Dow Jones Industrial Average rose 127 points, or 0.5%, to 25,540. The blue-chip average doesn’t count Facebook among its 30 components.

The S&P 500 fell 6 points, or 0.2%, to 2,839. Tech stocks were by far the biggest decliners of the day, off 1.5%. The Nasdaq Composite Index sank 75 points to 7,856, a decline of 1% from a record close on Wednesday.

Source : Market Watch


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