Facebook Gets Promoted, Pandora Crashes, and One Massive Acquisition: Market Recap
The markets were mixed Wednesday on Wall Street:
DIJA: +0.64%, S&P 500: +0.16%, Nasdaq: -0.77%.
On the commodities front, Oil (NYSE:USO) dropped 0.76 percent to $87.83 per barrel. Precious metals were mixed, with Gold (NYSE:GLD) losing 0.09 percent to hit $1,694.30 per ounce, and Silver (NYSE:SLV) climbing 0.36 percent to $32.93 per ounce about 10 minutes after the bell.
Despite its rocky ride and 28 percent year-to-date drop in value, Facebook (NASDAQ:FB) will join the NASDAQ-100 Index. The switch with Infosys Ltd. (NASDAQ:INFY) will take place before the bell on Wednesday, December 12, 2012. Shares of Facebook were down 0.36 percent in the afternoon.
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Citigroup (NYSE:C) has decided to cut 11,000 jobs, or 4 percent of its work force, to try and bring down operational costs by as much as $1.1 billion a year. The steps will initially result in pre-tax charges of $1 billion to fourth-quarter earnings, the company said in a statement. (Read more.)