Cybersecurity
S&P 500 Erases Loss for Week on Earnings, Spending Data
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U.S. stocks rebounded, erasing this week’s loss for the Standard & Poor’s 500 Index, as earnings beat estimates at companies from Facebook Inc. to PulteGroup Inc. and consumer spending picked up.
Facebook jumped 14 percent as the world’s largest social network said more than half its advertising revenue came from mobile devices in its last quarter. Blackstone Group LP and Under Armour Inc. also rallied after reporting earnings that beat estimates. All 10 main S&P 500 industry groups rose as the government reported the economy grew 3.2 percent and spending climbed the most in three years. Amazon.com Inc. tumbled 7.7 percent after the market close as profit trailed forecasts.