The Stock Market went down and gave back its earlier gains dragging by tech stocks that lead to its decline. Facebook acquisition of a virtual reality company Oculus, and agreeing to shell out $2 billion, pulled Nasdaq down, plunging to 4.51, or 6.9%, to $60.38.
Last month, Facebook also announced a $19 billion purchase for a the startup company WhatsApp, a cross-platform mobile messaging application, that lets users send free SMS. Oculus would be the second largest acquisition the social media company is undertaking.
The makers of the popular mobile game "Candy Crush Saga", King Digital Entertainment, also plummeted on its first day of trading. The anticipated initial public offering (IPO) which made its debut at the New York Stock Exchange, fell at $3.50 to $19.00. The first-day performance of KING is the worst loss of a launching IPO in15 years, with a 15.6 % loss at an IPO value of $500 million.
The reaction on social media was harsh. "$KING is garbage. One-hit wonder, way overvalued," read a post by StockTwits user TappyTibbs.
A slight of positive outlook came from the manufacturing sector, which improved significantly during the morning trading. The demand for durable goods increased by 2.2% in February, which was the highest increase since November, said The Commerce Department.
There is also an impressive increase on the entertainment industry, following the shares for Dish Network and DirectTV, which soared higher. The two companies, Dish Network and DirectTV is discussing for a possible tie-up.
Overall, on the New York Stock Exchange, while on the Nasdaq, almost four stocks declined while one advanced.
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