Stocks stabilize on Wall Street after a sell-off

AP News
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Posted: Oct 24, 2012 11:57 AM
Stocks stabilize on Wall Street after a sell-off

NEW YORK (AP) — The stock market is stabilizing after one of its biggest sell-offs of the year.

The Dow Jones industrial average clung to a gain of 15 points in midday trading Wednesday. It stood at 13,118 shortly before noon.

The Standard & Poor's 500 index edged down a fraction of a point to 1,412 and the Nasdaq composite index gave up five points to 2,985.

Facebook was headed for its best day since its stock market debut in May. The company said 14 percent of its advertising revenue came from mobile devices, allaying investor concerns. The stock climbed 21 percent to $23.53.

Weak revenue reports from several big-name companies drove a big decline in stocks Tuesday. The Dow fell 243 points, its third-worst drop of the year.