April 27,2018 MARTINSVILLE BULLETIN A9 Facebook, tech stocks rally as index climbs By MARLEY JAY NEW YORK U.S. stocks climbed Thursday as Facebook led a rally by techpology companies. Most of the market moved higher as interest rates declined from the four -year highs reached over the last few days. Facebook saw its stock price wither last, month after its data privacy scandal, but shares surged Thursday as the controversy didn't appear to affect the social media platform's business in the first quarter. Other big technology companies like Alphabet and Microsoft also rallied and reversed some of their recent losses.
Strong first -quarter results from companies including Chipotle Mexican Grill and O' Reilly Automo- tive helped retailers and other consumer-focused companies. Amazon surged and energy companies also climbed. Stock indexes rose and interest rates decreased after a Commerce Department survey showed business investment decreased in March for the third time in the last four months. Scott Wren, senior global equity strategist for the Wells Fargo Investment Institute, said investors were happy to the decline in business investment because it might encourage the Federal Reserve to raise interest rates at a slower clip. me the biggest risk (to the market) is the Fed, and the Fed hiking rates too much, given at least the 1.7 percent to $30.27.
level of economic growth we Facebook has faced a expect? he said. backlash about how it colThe 500 index lects and uses datasince the jumped 27.54 points, or 1 revelation that Cambridge percent, to 2,666.94. The Analytica, a data mining Dow Jones industrial aver- firm linked to the Trump age added 238.51 points, or campaign, had gained 1 percent, to 24,322.34. The information on up. to 87 technology-heavy Nasdaq users.
composite advanced 114.94 Facebook stock is down points, or 1.6 percent, to 5.9 percent since then, and 7,118.68. other technology compaThe Russell 2000 index nies have also stumbled as of smaller-company stocks, investors worried about the added 7.43 points, possibility that the governpercent, to 1.557.89. ment would start regulating Three months ago the them more harshly, which 500 and Dow closed could affect their at all-time highs. At that Amazon jumped 4. pertime they had repeatedly set cent to $1,517.96.
It rose records for a year and a half. another 6 percent in afterBut since Jan. 26 the mar- market trading as Wall ket has been hit by worries Street was pleased with the about rising inflation and a online retailer's first-quarpotential trade war between ter results. the U.S. and China, and big Wren, of Wells Fargo, names like Facebook and said that big name technolAmazon have had a rough ogy and consumer-focused ride.
The is down 7.2 stocks have struggled percent in the last three since the market reached months and the Dow has its recent highs, but they slumped 8.6 percent. should continue to do well. Facebook surged 9.1 cycle isn't over and percent to $174.16 after technology and the conthe company's advertis- sumer discretionary sector ers appeared to shrug off are goingto continue to parthe Cambridge Analytica ticipate in the upside (for privacy scandal. Facebook the market)," be said. said its revenue jumped Chipotle Mexican Grill and there were few signs climbed after the company users or advertisers were said sales improved in the abandoning the company first quarter, raising hopes since the scandal broke in that the chain is recovering mid-March.
from repeated food safety Alphabet, Google's par- scares. The shares rose 24.4 ent company and the only percent to $422.50. They digital publisher largerthan traded as high as $757 in Facebook, rose 2 percent to mid-2015. $1,043.31. Twitter gained Bond prices edged high- Associated Press People walk past an electronic board showing Hong Kong share Index outside a bank In Hong Kong, Thursday, April 26, 2018.
Asian stock markets were mixed on Thursday as investors digested the latest quarterly corporate er. The yield on the 10-year in London. Treasury note dipped to Oil prices have surged in 2.98 percent from 3.03 recent months, driving up percent. fuel costs for many fell 6 percent to nies. Those expenses were a $33.107 after its profit and problem for airlines in the revenue fell short of Wall first quarter, as American Street estimates, and ana- said its profit fell 45 percent lysts said its video business and cut its profit forecast for struggled.
E-commerce the rest of the year. Its stock company eBay slid 5.6 lost 46.4 percent to $42:37. percent to $38.68 after its Wholesale gasoline first quarters sales and sec- gained L.1 percent to $2.11 ond-quarter forecast disap- a gallon. Heating oil rose pointed Wall Street. 1.1 percent to $2.16 a galBenchmark U.S.
crude Ion. Natural gas rose 1.3 oil inched up 0.2 percent percent to $2.82 per 1,000 to $68.19 a barrel in New cubic feet. York. Brent crude, used to Gold lost 9.4/percent to price international oils, rose $1,317.90 an ounce. Silver 1 percent to $74.74 a barrel feli0.1 percent to $16.49 an Amazon hikes Prime membership fees rose 43 percent to $51 bil- first time it has released the lion, up from $35.7 billion number.
a year earlier. Prime program Amazon: also said it will continues to drive great hike its Prime membership strength to our top line, fee 20 percent to $119 ayear Brian Olsavsky, Amazon's fornew members beginning chief financial officer, said May 11. Existing members in a Thursday earnings who renew their Prime with analysts. memberships will have to The Prime memberpay the new rate beginning ship program has been an June 16. important cornerstone of The company said earlier Amazon's flagship retail this month that it has 100 business.
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Coppersank 0.7 percent to $3.11 a pound. The dollar rose to 109.36 yen from 109.34 yen and the euro dipped to $1.2106 from $1.2175. France's CAC 40 rose 0.7 percent and the British FTSE 100 and German DAX both added 0.6 percent. Japan's benchmark Nikkei 225 index climbed 0.5 percent and South Korea's Kospi jumped 1.1 percent after Samsung reported better than expected earnings. Hong Kong's Hang Senglost 1.1 percent.
Marley Jay reports for the Associated Press By Abha Bhattaral Amazon.com on Thursday said profits more than doubled to $1.6 billion in the first quarter, sending shares of its stock soaring to an all-timehigh. The company's fastgrowing advertising and cloud. businesses drove much of its growth, and contributed to its second straight quarter of billiondollar profits. Overall sales shipping on 100 million items, up from 20 million in 2014, Olsavsky said. Shares of Amazon spiked as much as 7 percent to a record $1,619 in after-hours trading, erascalling recent losses following a series of tweets from President Donald Trump that attacked the company, The president also launched astudy of whether Amazon is getting too good of a deal from the U.S.
Postal Service. (Jeff Bezos, the founder and chief executive of Amazon, also owns The Washington Post.) Amazon, founded 24 years ago as a online bookseller, has grown into a multi-billion-dollar tech juggernaut with a hand in number of industries, including groceries, privatelabel clothing and movie production. Amazon Web Services, the cloud platform, contin- WONDERWORD. By DAVID HOW TO PLAY: All the words listed below appear in the puzzle vertically, diagonally and even backward. Find them, circle each letter of the word and strike it off the list.
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