Another day, another all-time record — at least for the S&P 500 and the Nasdaq. For the third straight day this week, both indices set new closing highs, driven largely by high-flying, large-cap tech stocks.
Both indices rose by at least 1% on the day, a large gain for a single trading session. The Dow Jones Industrial Average rose 83 points, or 0.3%, to finish at 28,331.
Facebook Shop. One of the heaviest weighted stocks in the Nasdaq, social media giant Facebook (ticker: FB), jumped over 8% on Wednesday, closing above $300 for the first time ever. The rally was partly driven by news that it would be gearing up for businesses to sell directly on Facebook via what will be called Facebook Shop.
The company has more than 2 billion users on its platform and allows for hyper-targeted marketing campaigns based on Facebook’s impressive array of data on users, a trait that’s made it an advertiser favorite.
While Wall Street is clearly applauding the looming e-commerce roll out, the company also warned developers on Wednesday that Apple’s ( AAPL) upcoming iOS update will seriously inhibit serving targeted ads on non-Facebook apps to iPhone users.
Salesforce rip-roaring. This has been quite a week for Salesforce ( CRM), which just learned it will replace Exxon ( XOM) in the Dow next week. Then, shares of the enterprise software giant surged 26% on Wednesday following a blowout earnings report, helping drive the Nasdaq higher and finishing as the top performer in the S&P 500.
Kim Jong Dillinger? The North Korean regime is engaged in a global string of online bank robberies, according to the U.S. government. Sometimes referred to as a hermit kingdom, North Korea has become known for its escalations in cyberwarfare in recent years.
The Feds claim that after a period of decline in state-connected nefarious financial hacking, the government run by North Korea leader Kim Jong Un began spinning up its cybertheft in February. The activities help fund the country’s nuclear program.
Although the schemes often rely on online phishing attacks to gain access, North Korea is stealing actual hard cash, too, reportedly orchestrating mass withdrawals at ATMs in dozens of countries through criminal affiliates.
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