Market Wrap: Ho-Hum Attitude Grows for Facebook; Europe Gets More Support; Netflix Cutting Ties
Tweet Send to a Friend
Market wrap-up for June 5th
End of the Day: Dow Jones down 26.4 to 12,127.88; S&P 500 down 7.3 to 1,285.50; Nasdaq down 18.1 to 2,778.11
The following is a brief summary of events moving markets today:
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
End of the Day: Dow Jones down 26.4 to 12,127.88; S&P 500 down 7.3 to 1,285.50; Nasdaq down 18.1 to 2,778.11
The following is a brief summary of events moving markets today:
- Markets get served: ISM Service data aided U.S. markets in moving higher Tuesday, with the index moving from 53.5 in April up to 53.7 last month. The Street was looking for a slight dip to 53.4.
- Social apathy: Facebook (Nasdaq: FB) cracked through the $26 level, ending the session down 3.8 percent to $25.87. A survey from earlier showed users are using the site less and many haven't bought a product which was advertised.
Facebook has ended lower the last six out of seven sessions, and eight out of 12 since its IPO on May 18th.
- Support grows for Europe: Finance ministers from the Group of Seven (G7) held an emergency meeting Tuesday to decide on what to do with Spain and Greece. The ministers said they would support efforts to put the two countries There was no discussion about a possible Greek exit from the euro.
- Another streamng giant doing its own serving: Netflix (Nasdaq: NFLX) announced today it is launching its own Open Connect network. This will allow Netflix to delivery content the same way YouTube does. The company attributed size and scale to the move.
On the report, Akamai Technologies (Nasdaq: AKAM) and Limelight Networks (Nasdaq: LLNW) both saw pressure today over the potential for lost business.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- UPDATE: Kansas City Southern (KSU) to Replace Dean Foods (DF) in S&P 500; WhiteWave Foods (WWAV) to S&P MidCap 400
- Tepper: It's a 'My Cousin Vinny' Market... 'Evidence is Overwhelming'
- Berkshire Hathaway (BRK-A) Cut to 'AA' From 'AA+' by S&P
Create E-mail Alert Related Categories
Market CheckRelated Entities
Standard & Poor's
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
