Facebook shares reach new record as tech stocks soar

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Facebook shares reach new record as tech stocks soar

Facebook Inc. shares surged to a record Monday, with megacap Internet and technology stocks rallying amid optimism about the strong pace of economic growth.

Shares of Facebook gained 3.4% to close at an all-time high of $308.91 as robust economic data on the service industries supported an advance in cyclical and growth-orientated industries, fueling the S&P 500 Index’s gain for a third day.

The communication services and information technology sectors were among the strongest-performing stocks of the day. Alphabet Inc., the parent company of Google, rose 4.2% and also surged to a record.

[Bloomberg]
 
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