Nasdaq is leading the way after Facebook earnings impress
The US stock market is opening with solid gains after Facebook earnings impressed after the close yesterday. The earnings beat expectations by a wide margin and the stock has so far kept the after hour gains. Facebook shares are up $12.50 or 7.5%. Chipotle is also up after their earnings beat easily. It's stock is up 17.7% (+$59). They have a new CEO (old head at Taco Bell). He is off to a good start in the fickle food industry.
After the close today, the market will get results from Amazon Microsoft and Intel which will of course be very important going forward.
The major indices are higher:
- the S&P is a 11.3 points or 0.43% at 2650.72
- the NASDAQ is up 62 points or 0.80% at 7065
- The Dow is up 70 points or 0.29%
Yesterday, the S&P index stalled at the 200 day MA (currently at 2610.11). That helps the picture technically.
However, the 50 and 100 day MA remain a key topside resistance area at 2688 and 2704 respectively.
The S&P is currently trading between the 200 day MA below and the 100 day MA above and has been for most of the last month or so of trading.
