Stocks ended mixed on Wall Street as weakness in several tech companies offset gains in other parts of the market.
Facebook’s parent company, Meta Platforms, lost another one-fourth of its value after reporting a second straight quarter of revenue decline amid falling advertising sales and stiff competition from TikTok. That followed weak reports from Google’s parent company, Alphabet, and Microsoft.
The S&P 500 fell 0.6% and the Dow rose 0.6%. Meta’s slump pulled the Nasdaq down 1.6%. Markets got some encouraging economic news as the government reported the U.S. economy returned to growth last quarter, expanding 2.6%. Treasury yields fell.
The S&P 500 fell 23.30 points, or 0.6%, to 3,807.30.
The Dow Jones Industrial Average rose 194.17 points, or 0.6%, to 32,033.28.
The Nasdaq fell 178.32 points, or 1.6%, to 10,792.67.
The Russell 2000 index of smaller companies rose 1.99 points, or 0.1%, to 1,806.32.
For the week:
The S&P 500 is up 54.55 points, or 1.5%.
The Dow is up 950.72 points, or 3.1%.
The Nasdaq is up 67.04 points, or 0.6%.
The Russell 2000 is up 64.08 points, or 3.7%.
For the year:
The S&P 500 is down 958.88 points, or 20.1%.
The Dow is down 4,305.02 points, or 11.8%.
The Nasdaq is down 4,852.30 points, or 31%.
The Russell 2000 is down 438.99 points, or 19.6%.
This item has been updated to correct the section introduction to read “For the week” instead of “For the year.”