U.S. Stocks Open Higher on Thursday; Meta Stock Plunges 24%
Tiger Newspress2022-10-27
The Dow Jones Industrial Average gained on Thursday after the economy grew at a faster-than-expected pace in the third quarter.
The Dow climbed 352 points, or 1.1%. The S&P 500 added 0.4%. The Nasdaq increased 0.2%.
U.S. GDP increased increased at a 2.6% annualized pace for the period, against the Dow Jones estimate for 2.3% growth. The report, the first quarter of positive growth for 2022, eased investors' concerns about a recession.
Shares of the Facebook parent company plummeted 24% on a weak fourth-quarter forecast and disappointing third-quarter earnings. The company also said it would lose even more money next year building out the metaverse. The report led to several analysts downgrading the stock.
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