Shares of Facebook on Monday tumbled below a closely followed long-term trend line, which some market technicians may view as a bearish signal. Facebook Inc.’s shares were down 7.5% in midday trade, putting it on pace for its worst single-session decline since September 2012, but also threatening to push the social-network giant’s shares below its 200-day moving average at $172.55, according to FactSet data. Most recently, Facebook was trading at $171.02. Market technicians tend to watch moving averages to help gauge bullish and bearish sentiment in an asset. The decline in the Menlo Park, Calif.-based company came as The company’s shares were down about 7% Monday afternoon at $172, with the stock on track to post the worst one-day decline since Sept. 24, 2012, according to FactSet data. U.S. and British lawmakers slammed Facebook over the weekend for not providing more information about how the data firm, Cambridge Analytica, came to access information about potentially tens of millions of the social network’s members without their explicit permission around the time of the 2016 presidential election, which was sparking a wave of selling in the company, putting pressure on the broader market. The Dow Jones Industrial Average was off 313 points, or 1.3%, at 24,628, the S&P 500 index retreated 1.5% at 2,710, while the technology-focused Nasdaq Composite Index was down 2.3% at 7,311.
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