Facebook shoots up on Wall Street


Facebook shot up on Wall Street on Thursday, after better than expected figures from the social media company. Investors in New York also processed results from a large number of other leading companies, such as Tesla, Microsoft and General Electric (GE). The American stock exchanges showed a varying picture on opening.

The Dow Jones index recorded 0.6 percent lower at 24.873 points shortly after the start. The wide S & P 500 went down slightly to 2681 points. The technology exchange Nasdaq, with Facebook, rose 0.4 percent to 7213 points.

Facebook showed strong growth figures despite the series of privacy scandals that bothered the company. The number of daily users increased considerably and a record profit was made in the books. The course of Facebook won more than 11 percent.

Tesla delivered 2.5 percent. The maker of electric cars surprised the news that financial director Deepak Ahuja leaves and is succeeded by 34-year-old Zach Kirkhorn. Tesla booked a profit for the second quarter in a row and the company says that it has enough money in cash. Software company Microsoft did good business with its cloud services and made a profit in the books. In spite of this, the company lost more than 2 percent of market value.

Chipmaker Qualcomm (minus 0.5 percent) saw sales fall significantly after the loss of Apple as a customer. The company did, however, make a profit. Industrial group GE saw the loss increase throughout 2018, but recorded a modest profit in the last three months. GE also announced that it had reached a settlement with the US judiciary about its former mortgage lender WMC. GE showed a plus of 7.6 percent.

By: Peretz M.

Peretz M. is an accomplished economist and financial journalist with a deep understanding of the global economy and financial markets. He is a regular contributor to EconomicInform, where he provides expert analysis and commentary on current economic trends and events. With a strong educational background in economics, Peretz has a talent for breaking down complex economic concepts for a general audience and is able to provide insightful perspectives on a wide range of economic issues.

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