Economics
S&P 500 Extends Record on Facebook Rally Amid Earnings
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The Standard & Poor’s 500 Index extended a record as Facebook Inc. rallied on higher revenue, and growth in global manufacturing offset a drop in home sales. Caterpillar Inc. sank on a disappointing forecast, leaving the Dow Jones Industrial Average little changed.
Facebook jumped 5.2 percent to a record after saying second-quarter sales surged 61 percent. Under Armor Inc. surged 15 percent after increasing its 2014 profit target. Caterpillar sank 3.1 percent after forecasting full-year profit that fell short of estimates. D.R. Horton Inc. plunged 12 percent to lead homebuilders lower. Amazon.com Inc. sank 6.2 percent in late trading after reporting a loss wider than analysts’ projected.