Meta rises on cautious New York Stock Exchange

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Meta rises on cautious New York Stock Exchange
Photo: Alex Brandon/AP

Facebook's parent company Meta rose sharply on an otherwise cautious New York Stock Exchange after reports of planned cuts in the company.

At the close, the Dow Jones Industrial Average had fallen 0.1 percent, the broad S&P 500 index was up 0.1 percent and the tech-heavy Nasdaq Composite Index had risen 0.2 percent.

Meta was an exclamation point with an increase of 3.4 percent.

This comes after the Bloomberg news agency reported that Mark Zuckerberg, CEO of social media empire Meta Platforms, is planning cutbacks.

Otherwise, it was unusually quiet, even in the otherwise volatile AI sector.

Wednesday's unexpectedly weak private sector jobs data in the US is making investors cautious ahead of the Federal Reserve's (Fed) decision on Wednesday on the country's interest rate.

The most important question hanging over the markets is whether a potential interest rate cut from the Federal Reserve next week could trigger a so-called Santa Claus rally, Fawad Razaqzada, an analyst at financial services firm Forex.com, told Bloomberg.

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By TTEnglish edition by Sweden Herald, adapted for our readers

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