(Bloomberg) – Shares of Facebook Inc. rose to a record Monday, as large-cap internet and technology stocks advanced amid optimism about the strong pace of economic growth.
Facebook shares rose 3.4% to close at an all-time high of $ 308.91, as strong economic data on service industries supported a rally in growth-oriented and cyclical industries, propelling the S&P 500 index. to record earnings for the third day.
Communication services and information technologies are among the best performing actions of the day. Alphabet Inc., Google’s parent company, was up 4.2% and also posted a record. Among other technology companies with notable advances are Amazon.com, which rose 2.1%; Apple Inc., which gained 2.4%; and Microsoft Corp., which advanced 2.8% to an all-time high.
Tech giants’ stocks have performed well overall this year, despite a turnover in value stocks, amid a strong U.S. vaccine rollout, fueling excitement for rapid economic growth. . Of the biggest tech names on the market, Amazon is the only one that hasn’t hit an intraday record in 2021.
Facebook is scheduled to report the first quarter results later this month. Wall Street expects both earnings per share and revenue to rise more than 30%, according to data compiled by Bloomberg.
Facebook’s recent gains came after CEO Mark Zuckerberg downplayed the risks the social media company could face as a result of an upcoming change to Apple’s privacy policies.
Analysts remain broadly positive about Facebook’s growth prospects, especially amid a recovery in the digital ad market.
Of the companies tracked by Bloomberg that cover Facebook, more than 85% recommend buying the shares, while fewer than 6% have a bearish rating. The average price target is US $ 336, which implies an increase of almost 9%.
Original Note: Facebook Hits Record as Megacap Tech Stocks March Higher (2)
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