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Facebook Has Worst Day in Stock Market History

Loses more than $100B in value
By Newser Editors and Wire Services
Posted Jul 26, 2018 3:07 PM CDT
Traders Michael Milano, center, and Robert Oswald, right, work on the floor of the New York Stock Exchange, Wednesday, July 25, 2018.   (AP Photo/Richard Drew)

(Newser) – A steep drop in Facebook pulled technology stocks lower on Wall Street, even as other sectors climbed, the AP reports. Facebook plummeted 19% Thursday after warning of slower growth ahead, erasing about $119 billion in value. It was the worst single-day loss for any public company in stock market history, CNN reports, and it cost founder Mark Zuckerberg nearly $16 billion, dropping him from fourth to sixth on Forbes' list of richest people in the world. Meanwhile, renewed optimism that the US and Europe might make progress on easing trade tensions helped send several companies higher on Thursday. Caterpillar rose 1.5%. Strong earnings reports also helped send stocks higher. Airlines, energy companies and consumer goods stocks rose. Small-company stocks did better than the rest of the market. The S&P 500 index slipped 8 points, or 0.3%, to 2,837. The Dow Jones Industrial Average rose 112 points, or 0.4%, to 25,527. The Nasdaq composite slid 80 points, or 1%, to 7,852. (Read more stock market stories.)

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