Wall Street trades up amid earnings reports
InvestingOnline.com
6/08/2018, 17:09The US stocks market is rising on the first day of the week as investors are cheering earnings reports. Facebook is trading 3.5% positive.
Facebook is trading up on news that the social media company is in talks with banks to add financial information into messenger, making more accessible and quicker all banking and financial transactions.
In addition, according to FactSet, the earnings season has been stronger than expected with 80% of the S&P 500 companies that had reported through Friday, announcing better-than-expected profits.
The S&P 500 is trading 0.39% positive as the index is adding 11.01 points to 2,851.36. The Nasdaq Composite is gaining 33.39 points, or 0.43%, to its current value of 7,845.15.
The Dow Jones Industrial Average is advancing 0.28% or 69.44 points to the 25,532.97 level.
All sectors are higher in the day. Leaders are the energy sector with a 0.54% increase in the day, information technology is trading 0.43% positive on the session, and the telecommunication services is 0.41% up.
Facebook rallies 3.5% amid financial services talks
Facebook daily chart August 6
Facebook is trading higher today as investors are welcoming news that the social media giant is in talks with financial institutions to include financial information to its messenger app.
The feature incorporates user’s bank information, and it would be only available to its messenger app, not the whole facebook family of platforms. However, a spokesperson for Facebook denied the news.
Shares of Facebook are currently trading 3.5% positive on the day at 184.00. The unit broke the 200-day moving average at 181.60, and it is presently consolidating levels above the critical 180.00 area.
Technical indicators are suggesting a game change after the post-earnings decline and are signaling further gains in the share. Next resistances are at 185.00, 190.00 and then the critical level at 200.00 per share.
