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Facebook revenues rise, Fed holds rates steady

Wednesday, November 02, 2016 - 01:05

Facebook mobile advertising soared, lifting results. The Fed kept interest rates steady, and stocks lost ground. Bobbi Rebell reports.

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After the closing bell on Wednesday, Facebook reporting better than expected results thanks to soaring mobile advertising sales. With less than a week to the presidential election, the Fed wrapped up its November meeting with no change in U.S. interest rates. The major U.S. indices moving lower, with the S&P 500 down for the seventh day in a row, and it's longest such streak in about five years. Nick Colas of Convergex: SOUNDBITE: NICHOLAS COLAS, CHIEF MARKET STRATEGIST, CONVERGEX, (ENGLISH) SAYING "It seems very much they still guiding us waiting till December, thinking that a rate increase will occur then on the 25 basis points, the same as last December. The commentary and the release did indicate they are still thinking that way." Time Warner, which has agreed to be bought by AT&T, raising its full-year outlook. Earnings beat forecasts powered by higher box office and cable network revenues. Kate Spade and Estee Lauder, both, lost ground after their quarterly sales missed estimates. In Europe, stocks continued their losing streak now at eight days.

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Facebook revenues rise, Fed holds rates steady

Wednesday, November 02, 2016 - 01:05