US Stocks Higher on Facebook Boost

The S&P 500 and the Nasdaq got a boost from Facebook Inc’s stellar earnings on Thursday, while the Dow was weighed down by a bunch of disappointing quarterly results as investors awaited the outcome of the U.S.-China trade talks.

Wall Street surged on Thursday after the U.S. central bank said it would be patient in raising rates further this year, reassuring investors concerned about tighter financial conditions crimping economic growth.

The Fed’s dovish tone, along with heartening results from tech companies including Apple Inc and Facebook set the main U.S. indexes on track for their best month in about three years.

Facebook jumped 13 percent after its quarterly profit topped analysts’ estimates, showing that digital advertisers were still flocking to spend money on the service even after a series of high profile embarrassments.

via Reuters

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza