Markets: US stocks higher as Merkel voices support for ECB
US equity markets rose across the board as German chancellor Angela Merkel appeared to come out in support of the European Central Bank’s effort to ease debt problems in the eurozone.
The good news was not universal, however, as shares in social network Facebook fell another 6.3 per cent to $19.87 (£12.66), sinking below $20 (£12.74) for the first time. The dip follows the expiry of a lock-up period preventing shareholders from selling.
Facebook shares have lost almost 48 per cent in the 90 days since listing.
Meanwhile, shares in the newly listed Manchester United dropped below its IPO price of $14 (£8.92) to $13.77 (£8.77), down 2 per cent.
Strength in the dollar hit Walmart international sales, causing share price in the retailing giant to fall 3.1 per cent to $72.15 (£45.96).
The S&P 500 closed at 1,415 after a 0.7 per cent rise of 10 points. The Dow Jones Industrial Average finished at 13,250 after a 0.7 per cent rise of 85 points, while the Nasdaq Composite experienced a 1 per cent rise of 31 points, ending the day at 3,062.