Facebook rocks earnings and tech stocks soar

Stocks got off to a great start today. After a higher open,  the major indices continued to rally and never looked back.

Helped out by a big move in Facebook (FB), the NASDAQ led the major indices today.

Facebook had an awesome quarter, in spite of the recent data concerns. Beating earnings and revenue estimates, Facebook finished the day 9.1% higher.


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Here’s where the major indices ended the day:

  • The S&P finished with a 1.0% gain. Up 28 points, the S&P ended at 2,667.
  • The DOW ended 1.0% higher. Adding 239 points, the DOW closed at 24,322.
  • The NASDAQ was up 1.6%. With a 115 point gain, the NASDAQ finished at 7,119.
  • Bitcoin ended 0.6% higher. Adding $55, Bitcoin is trading at $9,165.

Crude Oil (CL) finished higher for the second day in a row. Up 0.2%, CL ended at $68.18 a barrel.

In addition to Facebook, Advanced Micro Devices (AMD) helped with today’s tech rally. With better than expected earnings and guidance, AMD ended with a 13.7% gain.

Chipotle Mexican Grill (CMG) had an earnings beat as well. Chipotle ended the day with 24.4% gain with its best close since June of last year

Subway made headlines today, announcing that it plans to close 500 U.S. restaurants this year. But while their numbers drop in the U.S., they plan to open 1,000 new locations worldwide. With 40,000 restaurants around the globe, Subway is the largest restaurant chain in the world.

Ford (F) announced that it will stop production on sedans in order to boost profits. The company will continue to produce the Ford Mustang and will shift focus towards their more profitable trucks and SUVs.

All eyes were on Amazon (AMZN) this afternoon. Amazonreported earnings after the bell that were much better than expected. The stock is up 7.0% in after-hours trading.

Source: RockwellTrading by Markus Heitkoetter | Original Link

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