Wall Street sinks on Facebook data-leak scandal
|- DJIA sheds 336 points, Nasdaq plunges 1.84%.
- Fears of a hawkish Fed add to equities' negative case.
Wall Street had a tough start to the week, as news that Facebook has leaked information of millions of user to a data analytics firm that in return used it to predict and influence voters, sent shares of the firm tumbling over 7% daily basis, its worst day in four years. The Dow Jones Industrial Average closed 335 points lower at 24,601.91, the Nasdaq Composite lost 1.84% or 137 points, and settled at 7,344.24, while the S&P ended at 2,712.92, down for the day 39 points.
The Dow entered negative territory for the year and settled below last week's low, further undermined by speculation that the US Federal Reserve will pull the trigger this week, and local political jitters, as Trump's latest decision to impose import tariffs may end up affecting negatively the local economy.
Daily basis, the DJIA is trading well below its 20 and 100 DMAs, both converging a few points above the daily high, at around 25,960, while technical indicators in the mentioned time frame have turned south, the Momentum around its mid-line and the RSI actually at 44, its lowest in over two weeks, anticipating additional declines for this Tuesday.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.