Wall Street climbs with oil, but Facebook’s slide checks increase
New York (Reuters) : U.S. stocks rises on Tuesday, with energy stocks top the way on a jump in oil prices, but one more drop in Facebook’s shares kept the gains on the Nasdaq Composite and the S&P in check.
Shares of Facebook (FB.O) fell 4.7 percent after Bloomberg reported the U.S. Federal Trade Commission is investigating the social network company over its use of private data.
The stock go under almost 7 percent on Monday, flashing a market-wide sell-off, after a whistleblower said a political consultancy hired by Donald Trump improperly accessed information on 50 million Facebook users to lean public opinion.
The S&P 500 technology index .SPLRCT, after a brief advance at the open, were back in the red, adding to losses on Monday as Facebook’s data privacy issues hit the sector on fears of increased regulation over how companies use data.
“Not all the overhang has cleared, there’s still some anxiety. But as a whole, we still think the space has a lot of upside and we are still constructive on tech,” said Josh Navarro, global investment specialist at J.P. Morgan Private Bank in New York.
Oil prices rises more 2 percent to their highest level so far this month, lifted by tension in the Middle East and the possibility of further falls in Venezuelan output. [O/R]
The gains lifted the S&P energy index .SPNY by 1.25 percent, easily the biggest gain among the 11 major S&P sectors.
the Dow Jones Industrial was Average .DJI was up 0.58 percent at 24,754.76. The S&P 500 .SPX rose 0.21 percent to 2,718.55 and the Nasdaq Composite .IXIC gained 0.28 percent to 7,364.99.