Stocks gain on Wall Street; Facebook falls

Published:

 

NEW YORK (AP) -- U.S. stocks are rising, shaking off their worst weekly performance since November, as investors latched on to a relatively optimistic report from economists.

The Dow Jones industrial average is up 78 points to 12,448 after six days of losses. If it finishes the day with a gain, it will be just its third up day in May.

The Standard & Poor's 500 rose 12 points to 1,307, and the Nasdaq composite index rose 36 points to 2,815.

Investors clung to a report from the National Association for Business Economists, which showed that its forecasters expect modest growth for the remainder of the year, with the pace picking up in 2013.

Facebook slid 12 percent on its second day of trading. Lowe's slipped 9 percent after lowering its full-year earnings predictions.