US stocks drop despite Facebook IPO
Friday, May 18, 2012
U.S. stocks declined for a sixth straight day on May 18, marking the longest decline since November, according to Bloomberg.
The Standard and Poor's 500 Index was helped along by Facebook's IPO but not enough to boost confidence in a market that is still affected by Europe's debt turmoil, the news source stated.
“It’s tough to live up to the hype,” Matt McCormick,of Bahl and Gaynor Incorporated in Cincinnati, Ohio, told the news source. “There’s been a tremendous amount of hype with Facebook. People were expecting a bigger pop in the stock. After they didn’t get it or they didn’t get it to the extent that they wanted, they started to focus on the rest. There’s concern about Europe and many people don’t want to be long over the weekend.”
In other stock market news, Hewlett-Packard Company announced it is considering cutting as many as 25,000 jobs. That number amounts to 8 percent of its overall workforce. The tech company's decision is in line with its recent efforts to combat fleeting demand for its computers and other services.
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