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Indexes close higher but Facebook sinks further

Traders and financial professionals on the floor of

Traders and financial professionals on the floor of the New York Stock Exchange on Monday. Credit: Getty Images / Drew Angerer

Stock indexes finished mostly higher after a day of bouncing around Tuesday as retailers, energy companies and banks recovered some of their losses from the day before, but technology companies struggled as Facebook dropped again.

Amazon led a rally among retailers, while energy companies rose with oil prices. Banks rose along with interest rates as the leaders of the Federal Reserve met. They are expected to raise interest rates on Wednesday.

Facebook sank following reports that the Federal Trade Commission will investigate its handling of user data while authorities in the U.S. and U.K. demanded answers from the company. That came after reports that Cambridge Analytica, a data mining firm working for President Donald Trump’s campaign, improperly obtained data on 50 million Facebook users without their permission.

While Facebook stock regained a portion of its losses at the end of the day, it has fallen more than 9 percent this week. Social media companies Twitter and Snap also fell as investors considered the possibility that the government will pass new laws affecting their businesses.

After a drop of 1.4 percent Monday, the S&P 500 index rose 0.1 percent, to 2,716.94. The Dow Jones industrial average gained 116.36 points, or 0.5 percent, to 24,727.27. The Nasdaq composite rose 0.3 percent, to 7,364.30. — AP

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