Stock Markets Remain Mixed; Pinterest, Facebook Signal Social Media Strength
Friday continued a trend that stock market investors have seen for some time, as major market benchmarks moved in different directions. Many of the largest tech companies in the world reported their latest financial results late Thursday, and the collective gains were enough to offset pressure from the energy and industrial sectors. Just before 11 a.m. EDT today, the Dow Jones Industrial Average (DJINDICES: ^DJI) was down 171 points to 26,143. The S&P 500 (SNPINDEX: ^GSPC) fell 12 points to 3,235, but the Nasdaq Composite (NASDAQINDEX: ^IXIC) gained 27 points to 10,615.
Social media stocks have gotten a lot more viewership during the coronavirus pandemic, since those staying at home have had to entertain themselves in different ways. That was good news for companies like Pinterest (NYSE: PINS) and Facebook (NASDAQ: FB), and their earnings revealed some favorable trends that could lead to continued growth for the rest of 2020 and beyond.
Shares of Pinterest jumped 28% Friday morning, buoyed by its second-quarter financial results. The social media company has had a hard time of it since its IPO more than a year ago, but it finally seems to be gaining traction in identifying its niche.
Source Fool.com
