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Facebook stellar earnings; Mixed markets after Fed

Wednesday, July 27, 2016 - 01:24

Facebook impressed Wall Street with much better-than-expected results. U.S. financial markets were mixed after the Fed's two-day meeting. Bobbi Rebell reports.

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Facebook out with a very strong earnings report after the closing bell. The social media juggernaut's quarterly revenue surged almost sixty percent. Its mobile app bringing in new advertisers, while current ones are spending even more. Stocks rose and then fell back after the Fed concluded its two-day meeting to end the session mixed. The central bank kept rates unchanged, but did open the door to a possible tightening this year. Policymakers indicated less worry about the U.S. economy pointing to strength in the job market and household spending. O'Shares Investments' Kevin O'Leary: (SOUNDBITE) KEVIN O'LEARY, CHAIRMAN, O'SHARES INVESTMENTS (ENGLISH) SAYING: "If I were at the helm, I would have increased it just another 25 basis points just to be unpredictable for a change, and to signify to the rest of the world that they have belief in the U.S. economy, because, you know, when you do nothing forever, it basically wonders, has people wondering are we going into a recession." In earnings news, Boeing stock gained ground after a smaller-than-expected loss, but shares of Coke fell on a revenue miss. Apple stock soared a day after the iPhone maker said it sold more of them than expected, and gave an upbeat current quarter forecast. The U.S. government reported a surprise build in crude and gasoline inventories, putting pressure on oil prices. In Europe, a winning day for the markets on strength in luxury stocks.

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Facebook stellar earnings; Mixed markets after Fed

Wednesday, July 27, 2016 - 01:24