Tuesday’s rise in the broader market failed to boost Facebook, FB -9.62% which slid below $30 for the first time. Declines coincided with Facebook’s debut in the options market and amid speculation the company may be considering a takeover of Norway’s Opera Software OPERA.OS +19.53%. The stock is trading 24% below its initial-public-offering price of $38 a share.
In the U.S., housing prices continued falling in March but not as sharply as earlier months, according to the S&P/Case-Shiller home-price index. Elsewhere, U.S. consumers were less confident in May than the previous month, according to the Conference Board. Tuesday’s unexpected drop in consumer confidence marked the measure’s third monthly decline in a row.
Crude-oil prices fell 0.1%, to $90.76 a barrel, while gold prices declined 1.3%, to $1,548.60 a troy ounce. The dollar rose against the euro but fell versus the yen. The yield on the 10-year Treasury note fell to 1.731% as demand rose.
Chesapeake Energy CHK +3.42% rose after activist investor Carl Icahn reported a 7.6% stake in the company on Friday and called for a shake-up on the natural-gas company’s board. The company said it would “carefully review” his request.
Overall, the Dow, NASDAQ, and S&P all finished positive, each +1% on the day.
Thomas Doherty is an undergraduate student at Villanova University majoring in Finance and Economics. For comments and questions, email Thomas@KeeneOnTheMarket.com