Three Key Factors Propel S&P 500 to Positive Territory for the Week
A trio of events combined to lift the S&P 500 out of its month-long losing streak, putting the index up 2.9 percent for the week. The “big three” included the following. First, Facebook’s bumper earnings crop produced a 14.4 percent jump in the social media giant’s share price, allowing the company to end yesterday’s session just off of its all-time high of $62.50. Second, even though Google took a $9 billion-plus hit, the company’s expected sale of Motorola to Lenovo boosted the search engine company’s share price 2.6 percent during the day, and then added another 4.6 percent in after-hours trading. Third, and finally, the Q4 U.S. GDP figures beat analysts’ estimates handily, adding to global confidence in America’s economic recovery. Yet, even these three bullish signs weren’t enough to lift the lagging index into positive territory for the month. But they are a start into the year’s second month, and could offer investors a ray of sunshine as we exit January.