Reuters - Video

Edition: U.S. | U.K. | IN | CN

Top News

Wall St. rebounds; Facebook sinks

Monday, May 21, 2012 - 01:59

May 21 - Summary of business headlines: Stocks climb after biggest weekly drop of 2012; Facebook closed below $38 IPO price; Lowe's cuts forecast on slow spring; Business economists expects job market to pick up next year. Conway G. Gittens reports.

▲ Hide Transcript

View Transcript

Wall Street enjoyed what was a rare up day this month with investors encouraged by comments out of weekend G8 meetings, where heads of the world's leading economies vowed to protect the global economy and prevent a euro zone break up. Facebook, however, continued to be the talk of the Street. The stock opened below its $38 initial public offering price. While there were some concerns the Nasdaq's poor execution of the debut on Friday played a role in Monday's decline, some say the fall is indicative of something more. Joseph Foudy of NYU Stern School of Business: JOSEPH FOUDY, ASSISTANT PROFESSOR OF ECONOMICS AND MANAGEMENT, NYU STERN SCHOOL OF BUSINESS, SAYING: "Social media is everything, particularly for a younger generation, but that doesn't indicate that anybody can make money with it. Obviously without water and air we'd all be dead, but that doesn't mean any companies able to capture the value from those. And with Facebook as well, the fact that friends are on there doesn't mean that there's an advertising or revenue stream that's clear." Shares of Facebook settled the day down 11 percent at just over $34 a share. Lowe's cut is outlook for the fiscal year, citing slowing demand at a time when revenues typically start to pick up. The forecast confirms the warm winter stole sales from the spring instead of adding sales. In a bit of good news, the labor market is expected to get up to speed next year, adding an average of 200,000 jobs per month, according to a survey by the National Association of Business Economics. As for the markets: Blue chips saw a triple-digit gain, the S&P 500 gained 1.6 percent, while the Nasdaq rallied 2-1/2 percent. European equities saw a modest bounce after reassuring comments from the G8 over the weekend. Conway Gittens, Reuters

Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code

Wall St. rebounds; Facebook sinks

Monday, May 21, 2012 - 01:59

Editors' Picks »

Business »

Moving Pictures »

Images of December Images of December

Tue, 23 Dec, 2014 - (0:30)

Tsunami - unclaimed possessions Tsunami - unclaimed possessions

Tue, 23 Dec, 2014 - (2:23)

Images of November Images of November

Tue, 02 Dec, 2014 - (0:30)

Images of October Images of October

Mon, 03 Nov, 2014 - (0:57)

The world in a city The world in a city

Fri, 31 Oct, 2014 - (1:30)

Real-life superheroes Real-life superheroes

Tue, 28 Oct, 2014 - (1:44)

Dance of the northern lights Dance of the northern lights

Mon, 20 Oct, 2014 - (1:08)

Images of September Images of September

Thu, 02 Oct, 2014 - (1:00)

Still missing – MH370 Still missing – MH370

Fri, 05 Sep, 2014 - (2:05)

Burning Together Burning Together

Mon, 01 Sep, 2014 - (2:23)

Sports And Leisure »

Mourinho's "Let's go to Wembley" Mourinho's "Let's go to Wembley"

Wed, 28 Jan, 2015 - (1:16)

Diver Daley trains in Rio Diver Daley trains in Rio

Tue, 27 Jan, 2015 - (0:55)

Drogba on his Chelsea hopes Drogba on his Chelsea hopes

Mon, 26 Jan, 2015 - (0:52)

NBA legend shoots from the hip NBA legend shoots from the hip

Wed, 14 Jan, 2015 - (1:13)

Tennis ace Murray proposes to girlfriend Tennis ace Murray proposes to girlfriend

Thu, 27 Nov, 2014 - (0:41)

Sports Spread: Tinkering Liverpool target Chelsea Sports Spread: Tinkering Liverpool target...

Thu, 06 Nov, 2014 - (11:18)

Flying car prototype takes to the skies Flying car prototype takes to the skies

Wed, 29 Oct, 2014 - (2:18)

Dateline Asia »

Samsung sees profits slide Samsung sees profits slide

Thu, 29 Jan, 2015 - (0:57)

Chinese firms on overseas shopping sprees Chinese firms on overseas shopping sprees

Thu, 29 Jan, 2015 - (2:28)

iPhone grabs top spot in China iPhone grabs top spot in China

Wed, 28 Jan, 2015 - (1:40)

Robot replacements for Foxconn's workers Robot replacements for Foxconn's workers

Wed, 28 Jan, 2015 - (1:12)

Alibaba could set sights on Yahoo Alibaba could set sights on Yahoo

Tue, 27 Jan, 2015 - (1:24)

Fashion designers finding haste makes waste Fashion designers finding haste makes waste

Tue, 27 Jan, 2015 - (2:07)

Be afraid, the Chinese are spending less Be afraid, the Chinese are spending less

Mon, 26 Jan, 2015 - (1:33)

Asia markets shrug at Greek elections Asia markets shrug at Greek elections

Mon, 26 Jan, 2015 - (1:36)

Asia markets toast ECB stimulus Asia markets toast ECB stimulus

Fri, 23 Jan, 2015 - (1:42)

Asia Week Ahead: Markets await Greece vote Asia Week Ahead: Markets await Greece vote

Fri, 23 Jan, 2015 - (1:18)

Reuters Investigates »

Where the sea is closing in Where the sea is closing in

Thu, 20 Nov, 2014 - (3:41)

Re-homing victim: "I could have been dead" Re-homing victim: "I could have been dead"

Wed, 19 Feb, 2014 - (8:24)

Cops and loggers in the Amazon rainforest Cops and loggers in the Amazon rainforest

Fri, 10 Jan, 2014 - (4:01)

"Passed around like a dog" "Passed around like a dog"

Thu, 29 Aug, 2013 - (6:32)

Adopted, then abandoned online Adopted, then abandoned online

Thu, 29 Aug, 2013 - (13:22)

How the DEA keeps its secrets secret How the DEA keeps its secrets secret

Mon, 05 Aug, 2013 - (1:36)