Facebook stock snaps losing streak

Last Updated Mar 21, 2018 4:31 PM EDT

Facebook's (FB) stock moved into positive territory on Wednesday, snapping a 2-day losing streak that had knocked $50 billion off  its market value.

Shares were up just under 1 percent.  

The stock has been in turmoil following mounting calls for greater scrutiny of Facebook's data privacy policies. 

Facebook founder and CEO Mark Zuckerberg released a statement just before U.S. market close on Wednesday, his first public acknowledgement of the controversy over how Cambridge Analytica was able to harvest personal information from 50 million Facebook accounts.

"We have a responsibility to protect your data, and if we can't then we don't deserve to serve you. I've been working to understand exactly what happened and how to make sure this doesn't happen again," Zuckerberg said in a post on Facebook.

U.S. stocks closed slightly lower. The S&P 500 and Nasdaq each closed down 0.2 percent, and the Dow fell 44 points, or 0.2 percent, to 24,682. 

The Federal Trade Commission is reportedly investigating whether Facebook violated the terms of a 2011 agreement.

Three states -- Massachusetts, New Jersey and New York -- also have opened probes into the matter.

Many on Wall Street have remained optimistic on the longer term outlook for Facebook, with some even saying the recent dip is an opportunity for investors.

"FB is in the cross-hairs of many around the world, including regulators, legislators, and lawyers, and has to explain what happened with Cambridge Analytica and related policies and practices. We believe FB will make it through this difficult period, and note a 15 percent decline from last month's high," Scott Kessler of CFRA Research wrote in a note late Tuesday.