Market Wrap: Face-book-ing the Music; Full-On Euro Support; Google Fibers-Up

Market wrap-up for July 26th

End of the Day: Dow Jones up 211.9 to 12,887.93; S&P 500 up 22.1 to 1,360.02; Nasdaq up 39.0 to 2,893.25

The following is a brief summary of events moving markets today:

• To support, or not to support. That is the question: ECB president Mario Draghi issued comments earlier in the session, saying the bank would do whatever necessary to sustain the euro. He said the bank would restart bond purchases, an unusual move given that bonds in Spain and other troubled countries are hitting all-time highs.
  
  For more, click here.
  
  
• Faceoff: Facebook (Nasdaq; FB) issued its first quarterly report since becoming a public company. The social media giant reported second-quarter earnings of 12 cents on revs of $1.18 billion, versus consensus estimates calling for EPS of 12 cents and revs of $1.15 billion.
  
  Despite the numbers, Facebook is getting hit in late trading Thursday, with shares down over 10 percent. For more color on the quarter, click here.
  
  
• Speaking of earnings..: e-Commerce giant Amazon.com (Nasdaq: AMZN) reported earnings of one cent with revenue of $12.83 billion, both numbers missing views. Margins are tighter than ever, with operation margins at about 0.8 percent from 2 percent in the same period last year.
  
  For more color, click here.
  
  
• Faster just isn't fast enough: Google (Nasdaq: GOOG) debut it fiber optic Internet and TV service in Kansas Cit, MO, today. The company boasts that the new setup will deliver data 100-times faster than the current infrastructure.
  
  Where Google rolls out the service next wasn't made clear. Some have even voiced complaints, saying Google is crossing boundaries when being both the main search and cable service provider.
  
  With an average speed of 5.8-megabytes per second, Google has complained that not much has been done to build the Internet in the U.S. since about 2000. In Europe and other developed nations, speeds are much faster.
  
  The move is also likely to put pressure on other Internet providers, causing the companies to sink more funds into advancing the speed of their systems.
  
  
• Gold bug squished: Hedge fund man John Paulson may have lost another good chunk of money today. Earlier, NovaGold (AMEX: NG) was slammed as much as 32.7 percent following comments from peer Barrick (NYSE: ABX) that it wouldn't be investing a large chunk in the Donlin Gold project. NovaGold issued a response later that it backed Barrick's position.
  
  According to a filing with the U.S. SEC, Paulson held about 36 million shares of NovaGold. With a $1.38 drop today, that's about $50 million, though the number was as large as $63.6 million when NovaGold was down $1.77.
  
  Shares ended about 25 percent lower Thursday.

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