NEW YORK: Shares of Facebook tumbled Friday after it announced an overhaul of its newsfeed, while US stocks added to records following data showing higher retail sales in December.
About 30 minutes into trading, the Dow Jones Industrial Average was at 25,737.70, up 0.6 percent.
The broad-based S&P 500 gained 0.3 percent to 2,776.92, while the tech-rich Nasdaq Composite Index advanced 0.2 percent to 7,222.50.
All three indices closed at records on Thursday.
The early gains followed a busy morning of economic data and bank earnings and suggested investors remained broadly bullish in the wake of the giant US tax cut enacted in December.
A holiday season jump in online shopping sent US retail sales higher in December, and helped push 2017 sales to their biggest gain in three years, according to government data.
Retail sales for all of last year rose 4.2 percent, the biggest increase since 2014, outpacing the 3.2 percent rise in 2016, according to the report.
Facebook dropped 4.2 percent after announcing a plan to update its newsfeed to emphasize posts from friends and family over other content.
The shift prompted fears it could drive away advertisers if people spend less time on the social network.
JPMorgan Chase rose 1.0 percent after reporting fourth-quarter earnings of $4.2 billion, down 37 percent from the year-ago period due to the accounting of one-time costs connected to the tax bill.
The bank also reported overall loan growth.
But Wells Fargo slid 0.6 percent as fourth-quarter earnings rose 17 percent to $6.2 billion, but were marred by $3.3 billion in litigation costs, some in the aftermath of the fake accounts scandal.
Source: Brecorder.com
