Whatch the video
Trading Apple vs Facebook
Marisa Krystian | May 21, 2012 5:35pm EDT | 1min:33sec
Stocks rose more than 1 percent on Monday (May 21), with the S&P 500 snapping a six-day losing streak in a rebound from equities’ biggest weekly drop in almost six months, but Facebook slumped in its second session after a disappointing debut.
Tech shares were among the day’s biggest gainers, with an S&P sector index surging 2.8 percent on the strength of Apple Inc.
Shares of Apple climbed 5.8 percent to $561.28 (USD), leading the Nasdaq to its biggest one-day percentage gain since December 2011.
Facebook Inc, the social networking giant that fell short of lofty expectations last week, fared no better on Monday. Facebook’s stock sank 11 percent in its second day of trading, dropping to $34.03, well below its $38 issue price.
Investors are watching the 1,300 to 1,290 range on the S&P 500 as a major support level.
Sentiment improved after G8 leaders gave verbal backing for Greece to stay in the euro and stressed over the weekend that their “imperative is to promote growth and jobs.”
The Dow Jones industrial average jumped 135.10 points, or 1.09 percent, to 12,504.48 at the close. The Standard & Poor’s 500 Index climbed 20.77 points, or 1.60 percent, to 1,315.99. TheNasdaq Composite Index rose 68.42 points, or 2.46 percent, to close at 2,847.21.