Feb. 4 - Summary: Wall St. recovered a fraction of the previous day's sell-off as investors seek jewels among rubble; Microsoft confirms changes at top; Obamacare costing jobs -CBO; Facebook hits 10-year mark. Conway G. Gittens reports.
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U.S. stocks bounce back from the worst day in six months.
Solid corporate results and bargain hunting led the rebound with consumer and financial stocks leading the gains on the S&P 500.
Microsoft confirmed Satya Nadella as its next CEO and said co-founder Bill Gates would step down as chairman and advise the new CEO on technology. Nadella is a 22-year Microsoft veteran, and only the third CEO in the tech company's 39-year history.
From one tech company looking for its mojo to one who's mojo is in full throttle. Blow out the candles. Perhaps it's hard to believe, but Facebook is 10 years old. The social network has come a long way since it's founding in a Harvard dorm room in February 2004 and marked the occasion with a new video. Facebook is still the biggest show in town, despite fierce and increasing competition.
Karen North is a professor of social media at the University of Southern California in Los Angeles.
SOUNDBITE: KAREN NORTH, PROFESSOR OF SOCIAL MEDIA AT THE ANNENBERG SCHOOL OF COMMUNICATIONS AT THE UNIVERSITY OF SOUTHERN CALIFORNIA (USC) (ENGLISH) SAYING:
"It's sort of lost its place as a hangout, but it's gained incredible status as a utility. I call it a utility, so Facebook now is your address book, and your photo gallery. So it's a place you go to not only connect with people but to find people in your address book, and it's a huge global address book, and it's got your photo gallery from your entire family lineage if you want it to,"
The leading social network now boasts over a billion active users.
Michael Kors reported a jump in quarterly profit as shoppers snapped up its handbags and accessories. Shares surged more than 17 percent as the company also boosted full-year guidance.
And shares of Yum Brands rose almost 9 percent percent one-day after the parent of KFC reaffirmed its 2014 profit outlook and said a resurgent bird flu in China had not hurt sales in its top market.
Turning to the economy...
New orders for U.S. factory goods fell in December, but rose for a third straight month when the volatile transportation sector was excluded.
The equivalent of 2.3 million full-time positions will go puff into thin air by 2021 as a result of The Affordable Care Act, also known as Obamacare, according to the Congressional Budget Office. That's because smaller companies are cutting worker hours to avoid paying for health insurance.
In European stocks took their own path - finishing mostly lower.
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