Snap, Pinterest Lead Social Media Stocks Higher as Stock Markets Tread Water
The stock market didn't do much on Wednesday morning, giving up early gains to trade near the unchanged mark. Investors have no confidence that lawmakers in Washington will figure out a way to work with the White House toward reaching a compromise on an economic stimulus package in the near future, and that uncertainty has some market participants on edge. Shortly before 11:15 a.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was down 32 points to 28,276. The S&P 500 (SNPINDEX: ^GSPC) had fallen 1 point to 3,442, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) had given up 6 points to 11,510.
Yet there were some bright spots within the market. In particular, social media stocks performed quite well, as the latest earnings results from Snapchat parent company Snap (NYSE: SNAP) suggested that some aspects of the business are starting to improve. That has investors excited about the prospects for image-centered social media player Pinterest (NYSE: PINS), which reports its latest results next week.
Image source: Getty Images.
Source Fool.com
