Facebook shares sink as USA stocks add to records

Mae Love
January 13, 2018

Also moving to the newly named Communications Sector are Twitter Inc and Snap Inc, both now part of the Information Technology Sector.

"Their effective tax rate will be declining from 30 percent to 19 percent, that's very meaningful".

Wells Fargo fell 0.8 percent after it set aside $3.25 billion in the fourth quarter to cover legal expenses related to probes into its mortgage and sales practices. The S&P 500 and Nasdaq have closed lower only once this year, while the Dow has fallen just twice.

The Nasdaq composite also hit a record high, as shares of Apple gained 0.4 percent.

Amazon rose 1.8 percent and provided the biggest boost to the S&P and the Nasdaq.

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Facebook, meanwhile, dropped 4 percent after CEO Mark Zuckerberg said the social media company is making a "major change" to its News Feed.

This pick up in near-term strength bodes well for small caps over the coming week, but it should be noted that the broader indices like the S&P 500 and Dow Jones Industrial Average are nearing exhaustion.

The Dow is up 1,083.97 points, or 4.4 percent.

Recent data suggests the US economy is picking up steam.

Advancing issues outnumbered decliners on the NYSE by 1,557 to 1,220. The tech-heavy index rose 1.7% for the week.

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