Good Economic News This Morning From the Stock Market, Facebook
If you took a look at stock news yesterday, you saw lots of financial reporters doing a major freak out about the steep decline in the markets. When we posted this story, the markets were tanking even as we got a little positive news about gas prices. The Dow Jones index closed down nearly 250 points.
But today, things are looking much brighter, thanks in part to Facebook. The social network announced its earnings after the closing bell, showing a 32 percent rise in revenue for the quarter ending in September to $1.26 billion and improved performance in the mobile arena. CNET quotes Facebook CEO Mark Zuckerberg, who says the company can introduce new products and increase engagement on mobile devices. This morning, media has been crowing about the spike in Facebook stock, up 24 percent.
That news, coupled with a positive financial report from aviation company Boeing and news that manufacturing in China has declined at a slower rate than months past is sending the stock market into a happier place. We’ve also got news that the sales of newly-built homes in the US in September was up 5.7 percent to 389,000. The media price for a new home was $242,400, down from $250,400 in August.