Wall Street On Course For Recovery – Meta Stock Slips More Than 20 Percent

new York Easing fears of imminent recession lure investors to Wall Street. The US standard value index Dow Jones rose a good one percent. The broad-based S&P 500 edged up 0.1 percent, while the tech-heavy Nasdaq lost 0.8 percent.

Papers from the Facebook parent experienced a real fall in price of more than 20 percent. At $ 97.98, the papers of the group, which also includes Instagram and WhatsApp, were now as cheap as they were almost seven years ago.

The company had announced a slump in profits and provided a disappointing outlook for the current quarter. That matches the weak figures from other technology companies such as Microsoft or Google’s parent company Alphabet, said analyst Laith Khalaf from brokerage house AJ Bell. “After a decent start to the accounting season, things are looking a lot less rosy.”