Facebook, Boeing fuel US stock rebound

Written By Unknown on Rabu, 24 Oktober 2012 | 22.33

OPTIMISTIC forecasts by Boeing and Facebook have pushed US stocks higher in opening trade, reversing course after a slew of earnings disappointments sent markets sharply lower on Tuesday.

Facebook shares rocketed 23 per cent after the company told analysts it was making a strong stand in the mobile advertising markets against doubts that it could make money off use of the social network from smartphones.

Five minutes into trade the Dow Jones Industrial Average was up 41.01 points (0.31 per cent) at 13,143.54, after Tuesday's 243-point loss.

The broad-based S&P 500 gained 6.75 (0.48 per cent) to 1419.86, while the Nasdaq Composite added 21.97 (0.73 per cent) at 3012.43.


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