UPDATE: Stocks tumble in afternoon trading, dragged down by shares of Facebook and technology giants

[BumRushDaShow]

Source: Washington Post

Major stock indexes tumbled in afternoon trading Monday, dragged down by shares of Facebook and technology giants.

Facebook shares, which have been a key driver of the recent boom in technology, plummeted as much as 7 percent. The social media giant came under heavy fire from lawmakers in the United States and Britain over the weekend after news reports raised questions about whether it allowed third-party developers to access the data of users without their permission a potential violation of its privacy agreement with the U.S. government.

Overall, the tech-heavy Nasdaq dropped as much as 2.5 percent. Google parent Alphabet was down 3 percent, while Netflix and retail giant Amazon.com, founded by Washington Post owner Jeffrey P. Bezos, declined by more than 2 percent.

The Dow Jones industrial average was down by more than 450 points, or 1.7 percent, with shares of blue-chip companies such as Goldman Sachs, 3M and Caterpillar all seeing declines. The Standard & Poors 500 index, a broader measure of stocks, dropped about 1.5 percent.


Read more: https://www.washingtonpost.com/business/capitalbusiness/stocks-tumble-led-by-facebook-and-other-technology-giants/2018/03/19/997f1282-2b9c-11e8-b0b0-f706877db618_story.html?utm_term=.b08fe17a6801

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Original article -

The Dow Jones industrial average has dropped 1.7 percent and the tech-heavy Nasdaq plummeted 2.5 percent in afternoon trading.

Facebook saw its stock fall about 7 percent. The social media giant came under heavy fire from lawmakers in the United States and Britain over the weekend after news reports raised questions about whether it allowed third-party developers to access the data of users without their permission a potential violation of its privacy agreement with the U.S. government.

This is a developing story. It will be updated.

[Achilleaze]

1. Treason* is poisonously displeasin...

* KGOP betrayal of America under the command of Comrade Dirty Donny, the republican Draft-dodger-in-Chief.

[dchill]

3. EXPOSED treason, that is.

Because it's way less profitable.

[CelticWinter]

2. do i feel bad

O hell no!!!!!!!! let them lose their ass.
Celtic

[Still In Wisconsin]

4. Just more WINNING!

I am so sick of winning. So much winning, over and over and over...

[CountAllVotes]

5. Fakebook

Luckily, I never went for their crap and never joined *it*.

Best of luck to those that did!

This whole thing gives me the creeps!

Good luck Fakebook, ya'll need it!

& recommend.

[workinclasszero]

6. Facebook in bed with Shitler and Putin

Damn traitors everywhere you look in this country anymore!

The more money they got, the bigger traitors thay are!

[dalton99a]

8. "Give me your information and make me rich"

[workinclasszero]

10. And Putin and Trump and the Koch bros and the Mercer's and the Walton's....etc

It's an American nightmare.

If the Blue Tsunami doesn't come to save us its all over.

[LovingA2andMI]

7. GOOD!!

Make ANY Digital Company That Mines Our Data Like Facebook and Sell It To Mindfuck with our Elections or anything else, A PENNY STOCK!

[LanternWaste]

13. Sounds as practical as making any company that airs 30-second spots

"Make ANY Digital Company That Mines Our Data..."

Sounds as practical as making any company that airs 30-second spots on TV a penny-stock, as they all feed from the same trough (although me not using caps in an absurd, though trendy manner may make my sentence illegible to both youth and faux-hipsters).

[Zorro]

9. Big defense companies doing OK

[Dopers_Greed]

11. Is the tech bubble finally bursting?

[IronLionZion]

12. All last year they kept gloating about the Trump stock market

I find it a bit interesting that they got tired of winning right after the big tax cuts.

I was told the tax cuts were going to help lots more economic growth and more jobs and America will be great again. Did immigrants sink the stock market today? Did Hillary do this to us?

Maybe we just need even more tax cuts

[riversedge]

14. Trump creats uncertainity and Wall Street hates uncertainty....

https://www.washingtonpost.com/business/capitalbusiness/stocks-tumble-led-by-facebook-and-other-technology-giants/2018/03/19/997f1282-2b9c-11e8-b0b0-f706877db618_story.html?utm_term=.0e8329f5264c



“The market is reacting to added uncertainty,” said Michael Farr, a Washington, D.C. investment manager. “The president’s tweets over the weekend, combined with the turnover in senior staff, have investors questioning what’s next. Wall Street hates uncertainty, and we’re getting more of it.”

.........Facebook, which has more than 2 billion monthly active users, announced on Monday that it had retained a firm to conduct a forensic audit of Cambridge Analytica. Lawmakers have asked the tech giant how Cambridge Analytica, a voter profiling firm that has worked with Trump’s campaign and other Republicans, improperly collected personal information on Facebook users.

The number of Facebook users affected by the data grabbing could be more than 50 million.

Special Counsel Robert S. Mueller III has reportedly requested documents from Cambridge Analytica for his investigation. The revelation underscores the power of social media networks and the unexpected ways in which technology companies can use data that users voluntarily give up. It also gives further hints to the important role big data plays in modern politics.

Trump targeted the special counsel, Robert S. Mueller, on Twitter over the last several days, calling the investigation into the president “a total WITCH HUNT” and suggesting in separate email that the Mueller’s 17-member team is dominated by “hardened Democrats.”