Dow and Apple Up, Facebook Hits Another New Low
(NEW YORK) -- Friday turned out to be another rough day for some internet stocks. Facebook shares fell to a new low at half its original market value, while the social deals company Groupon closed down Friday more than three-quarters of its IPO price of $20 in November.
Both the Dow and S&P are higher for the sixth straight week, their longest winning streaks since January 2011. The Dow ended the day at 13,275.20 up 25.09 points or 0.19 percent. The S&P added 2.65 points to close at 1,418, and the Nasdaq jumped 14 points to 3,076.
A dribble of good news drove the markets this week. Data earlier in the week showed that home builders applied for more permits, a hopeful sign for future construction. Also some retailers including Gap reported strong earnings.
But a note of caution: It's best not to get too excited about summer market moves since there are fewer people trading and there isn’t a lot of news to react to. Europe, for example, is on vacation providing a break to the steady supply of bad economic news. Markets are also likely emboldened by the prospect of action by central banks in the U.S. and E.U.
Apple stock hit an all time high of $648.11 on Friday amid rumors that the company will debut a new iPhone, iPad mini and Apple TV in the coming weeks.
Meanwhile, Facebook stock hit a new low. The stock closed at 19.05 -- down 50 percent from it $38 IPO price.
Despite rumblings that the U.S. may tap into the Strategic Petroleum Reserve, oil settled at $96.01 in New York trading Friday, up 41 cents for the day. Oil is trading well below highs of above $100 a barrel seen early this year but hit $96 for the first time since May.
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